Cosco Shipping Financial Holdings, a unit of China Cosco Shipping Group, has completed the takeover of four container manufacturing subsidiaries of SS Teo’s Singamas Container Holdings.
In May, Singamas agreed to sell full equitiy in Qidong Singamas, Qingdao Pacific, Ningbo Pacific and Singamas Container (Shanghai) to Cosco for a total price of RMB3.8bn ($562m).
Cosco Shipping Financial Holdings has handed over the management of the acquired Singamas assets to Shanghai Universal Logistics Equipment, the container manufacturing unit of Cosco, through a trusteeship agreement and Shanghai Universal plans to integrate these assets into the company within the next three years.
