CSCL completes two subsidiary sales

Shanghai: China Shipping Container Lines (CSCL) announced yesterday that it has signed with China Shipping Logistics and China Shipping Investment Co respectively to transfer all equity in two of its subsidiaries China Shipping Shanghai Yangshan International Container Storage & Transportation Co and Shanghai Zhengjin Industries Co.

CSCL will get RMB677m in total from the two sales, however the deals won’t make up for losses of the company in 2013 as the sales couldn’t be finalised before year end.

CSCL’s sale of another subsidiary China Shipping Terminal Development is also waiting for approval from authorities and couldn’t be completed in 2013.

CSCL announced a net loss of RMB1.67bn for the first three quarters of 2013. The only asset disposal transaction CSCL has completed in 2013 was for Lianyungang New Orient Container Terminal Co, which will add RMB260m profit to the company’s financials. [07/01/14]

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