CSCL acquires stake in financial assets of China Minmetals

China Shipping Container Lines (CSCL) has announced that it has entered into a subscription agreement with China Minmetals subsidiary Kingray New Material Science & Technology, under which CSCL has agreed to subscribe RMB1.5bn ($229m) worth of new shares issued by the latter.

CSCL in in the process of a major asset restructuring and the company will be mainly engaged in integrated financial services with a diversified leasing businesses.

CSCL said China Minmetals Corporation is contemplating to inject its high quality financial assets entirely into Kingray and the deal facilitates the development for the financial businesses of the company and China Minmetals. CSCL will also seek business cooperation opportunities with China Minmetals.