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SIPG earmarks $313m to buy 79.2% stake in Jinjiang Shipping

SIPG earmarks $313m to buy 79.2% stake in Jinjiang Shipping
Shanghai International Port (Group) Co (SIPG) is planning to acquire 79.2% stake in intra-Asia container line Shanghai Jinjiang Shipping for up to RMB1.94bn ($312.58m).

SIPG, operator of Shanghai port, will purchase the shares from Shanghai International Group and Shanghai Jiushi Corporation, which own 48% and 31.2% stake, respectively, in Jinjiang Shipping.

SIPG already owns one short-sea box player, Shanghai Hai Hua Shipping (Hasco), which operates seven container vessels, with six on order.

Jinjiang Shipping, established in 1983, runs services in East Asia and operates more than 10 ships with sizes ranging from approximately 700-1,100 teu. The company also operates two warehouses in Waigaoqiao, Shanghai, which are adjacent to Waigaoqiao port.