China Shipping to consolidate port resources

Shanghai: Shanghai-based China Shipping Container Lines is to consolidate its port resources with parent China Shipping Group, and take a 49% and 51% stake respectively in the combined operation.

China Shipping Container Lines will receive 2.78bn shares in China Shipping Terminal Development (Hong Kong) valued at RMB3.42bn, while the mother company China Shipping Group will inject HK$4.1bn into the combined company.

“The board believed that the consolidation of China Shipping Group’s port businesses and assets into one platform will result in economies of scale as well as a globally integrated port business, the transaction will allow the company to focus on its core business,” the company said. [27/11/13]

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