Shanghai International Port Group (SIPG) has announced a plan to issue overseas bonds worth $700m on the Hong Kong Stock Exchange.
The proceeds from the issue will be used to replace existing loans and financing costs for the acquisition of OOIL shares.
Last year, SIPG partnered up with Cosco for the takeover of OOIL, the parent of Hong Kong shipping major OOCL, and acquired 9.9% equity interest in OOIL.
SIPG has been expanding its presence in the shipowning sector, having acquired 20% equity of Shanghai PanAsia Shipping, a subsidiary of Cosco for $128.5m in March.
The group currently fully controls two shipping units Shanghai Hai Hua Shipping and Shanghai Jin Jiang Shipping.