China International Marine Containers (CIMC) has announced that its shareholders Cosco Shipping Development, Broad Ride Limited and Promotor Holdings have proposed to transfer part of their shareholdings in the company.
China Merchants is currently the largest shareholder of CIMC, holding around 25%, while Cosco is the second largest holder with about 22%. Broad Ride Limited and Promotor Holdings is holding 7.23% and 4.8% respectively.
Cosco said the potential disposal is in line with the strategic development needs of the group and is expected to optimise the asset structure, thereby facilitating the development of the shipping leasing business, container manufacturing business.
Currently, the specific transaction plan is still being planned and subject to approval of competent authorities. Neither the buyer or price of the shares were revealed.
Last year, Cosco completed the takeover of four container manufacturing subsidiaries of SS Teo’s Singamas Container Holdings, a major rival of CIMC which is the world’s largest container manufacturer with over 40% of global market share.