China Ocean Shipbuilding turns to carpark management to escape shipping doldrums

China Ocean Shipbuilding turns to carpark management to escape shipping doldrums

Hong Kong-listed China Ocean Shipbuilding has announced that it has entered into an agreement with Pacific Greatest Limited for the acquisition of Success Capture, a company incorporated in the British Virgin Isalnds, for HK$67.47m ($8.7m). The amount could be adjusted upward to a maximum of HK$450m ($58m) upon fulfillment of a profit guarantee.

Success Capture is an investment holding company, which holds full interest in Shandong Ruitong (Hong Kong) Parking Management Services Company.

China Ocean Shipbuilding said the acquisition represents a crucial step into the automotive parking management service business which could diversify the existing business activities of the group.

In addition, it believes the deal, which includes manufacturing of intelligent automotive parking equipment and automotive device, would create synergy by utilizing the production capacity to the current shipbuilding production facilities of the group.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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