Cosco completes takeover of Singamas units

Cosco completes takeover of Singamas units

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.

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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