China Cosco Shipping Corporation is continuing its consolidation process following the merger between Cosco Group and China Shipping Group last year.
Cosco Shipping Holdings has announced that the board has approved the merger deal in which China Shipping Finance will absorb and merge with Cosco Finance.
Upon completion of the deal, China Shipping Finance will be renamed Cosco Shipping Finance and the former Cosco Finance will cease to exist as a legal entity. Cosco Shipping Holdings and Cosco Shipping Development will be the major shareholders of Cosco Shipping Finance, with a shareholding of 31.21% and 23.38% respectively.
Last year, the merger between Cosco and China Shipping transformed China Shipping Container Lines (CSCL) into Cosco Shipping Development as the financing platform of China Cosco Shipping Corporation.