Shanghai: China Merchants Energy Shipping (CMES) announced in a regulatory filing that it will invest RMB180m to buy financial products in sister firm China Merchants Bank.
The 163-day investment products which will expire on December 25 are expected to pay a 5% interest rate, higher than the market level of 2.86%.
In February, CMES authorized a budget of RMB2.28bn for purchasing investment products in the year. In June, the company invested RMB663m in Bank of Tokyo-Mitsubishi UFJ’s one-year financial products.
CMES posted an expected net loss of RMB137.5m for the first half of this year and it attributed the loss to the continued sluggish shipping market. [17/07/13]
