CSCL disposes of more assets

Shanghai: Following the sale of 55% equity in Lianyungang New Oriental International Container Wharf Co, and 100% equity in China Shipping Terminal Development, loss-making China Shipping Container Lines (CSCL) announced that it plans to sell full equity of another two of its subsidiaries, China Shipping Shanghai Yangshan International Container Storage & Transportation Co and Shanghai Zhengjin Industries Co. The appraised price of the two companies is RMB305m and RMB373m respectively.

CSCL reported a net loss of RMB1.67bn in the first three quarters of this year. It hopes to return to black through the potential sale of the subsidiaries.

Shanghai Zhengjin Industries was established on November 1, less than one month before it was listed for sale.

CSCL has listed the equities of the two companies on the Shanghai United Assets and Equity Exchange. [22/11/13]

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