CSDC to boost stake in CS Haisheng, make it a subsidiary

CSDC already owns an 8% stake in CS Haisheng, and is buying an additional 43% stake for approximately RMB258.1 m ($38.8m).

CS Haisheng is principally involved in the trading of petrochemical products, construction materials, vessel components, petroleum machinery, automobile components and electronic components, domestic coastal oil transportation, international dangerous goods transportation, agency services for domestic and internal cargos, vessel leasing and transportation business consultation services.

CSDC said that that the acquisition of the additional would enhance its position and control in the maritime oil transportation market, further consolidate the long-term strategic cooperation between the company and CNOOC, which owns the remaining stake in CS Haisheng, which is conducive to a sustainable strategic development of the group.

The group would also be able to enjoy the benefits of consolidating the financial results of the acquisition in its financial statements, CSDC added.