Shanghai: China Shipping Container Lines (CSCL) announced that it plans to transfer its 100% equity in China Shipping Terminal Development (CSTD) to parent controlled CSTD Hong Kong which will issue new shares to CSCL in return.
In the meantime, China Shipping (HK) Holdings has agreed to inject new capital into CSTD Hong Kong. After the transaction is completed, China Shipping (HK) Holdings and CSCL will hold 51% and 49% equity of CSTD Hong Kong respectively.
CSCL said the streamline and consolidation of China Shipping Group’s port businesses and assets into one platform will result in economies of scale and will allow the company to focus on the development of the container transportation business. [14/10/13]