China Shipping Haisheng has announced plans to sell full equity of its subsidiary Hainan Haisheng Shipping to Cosco Shipping Bulk for around RMB63.3m ($9.54m).
In August, China Shipping Haisheng transferred all its shipping assets to Hainan Haisheng Shipping.
China Shipping Haisheng said the company’s shipping business has been suffering losses amid the downturn in the dry bulk shipping market and the company will quit the shipping business and focus on medical care after completion of the transaction.
China Shipping Haisheng used to be a subsidiary of China Shipping Group, becoming a privately controlled company after China Shipping sold its shares to Lanhai Group in 2015.
