China Shipping Haisheng takes loan from parent

Shanghai: China Shipping Haisheng announced that it has signed an agreement with parent company China Shipping Group for a six month loan of RMB800m with interest rate of 5.6%. Total interest expenditure will be RMB22.4m.

China Shipping Haisheng said the loan will be used to repay another expiring loan of the same amount.

Through its Hong Kong subsidiary, China Shipping Haisheng has borrowed an additional $24.5m from its parent company in the past 12 months. [07/03/14]

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