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Cosco Shipping to buy US$2.7b port assets from parent in US$2.9b deal
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Posttime:2022-11-02
COSCO Shipping Holdings said it has agreed to buy port assets from its parent for CNY19.7 billion (US$2.7 billion) to build a global digital supply chain, Reuters reports.
The Chinese shipping group said it would buy 14.9 per cent of Shanghai International Port (Group) from its indirect controlling parent China Cosco Shipping Corp for CNY18.9 billion and a 3.2 per cent stake in Guangzhou Port for CNY778.7 million.
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