Hong Kong-listed SITC International Holdings has announced that New SITC Development, a wholly owned subsidiary of the company, has entered into an agreement with SITC Shipping.
Under the agreement, New SITC Development will transfer entire shares of Hai Lian Shipping to SITC Shipping.
Upon completion of the deal, Hai Lian Shipping will no longer be a subsidiary of the company and its financial results will no longer be consolidated into the financial results of the group.
In the meantime, New SITC Development entered into a bareboat charter agreement with Hai Lian Shipping to charter the vessel SITC Ningbo for a period of ten years.
The vessel will be deployed on shipping routes between China Mainland and Taiwan.