Cosco Shipping Ports, the port operating arm of Cosco, has entered into agreements with Shanghai International Port Group (SIPG) for the sale and purchase of a number of river port assets.
Under the agreements, Cosco will sell all its interest in Nanjing Longtan Terminal, Yangzhou Yuanyang Terminal and Zhangjiagang Terminal for a total price of RMB1.06bn ($150m).
Cosco plans to use the proceeds from the sale for loan repayments and the further development of Cosco Shipping Ports.
Additionally, Cosco Shipping Ports announced its intention to sell all its interest in another two port assets, Taicang Terminal and Jiangsu Petrochemical Terminal.
Cosco and SIPG has formed partnerships in many areas. The two parties teamed up for the acquisition of OOIL in 2018 and SIPG acquired 20% equity of Shanghai PanAsia Shipping, a subsidiary of Cosco Group for RMB854m in March.