Coastal Ports News
- COSCO to buy dry-bulk shipping assets
Date: 5-Sep-2007 Sources: (Shenzhen Daily)
CHINA COSCO Holdings Co. said yesterday it would buy dry-bulk shipping operating assets from its controlling shareholder, China Ocean Shipping (Group) Co., for 34.61 billion yuan (US$4.59 billion).
The firm said the deals would be funded by proceeds from an A-share issue, bank borrowing and internal resources. China COSCO said it would buy the entire marine dry-bulk shipping firm COSCO Bulk Carrier Co., the marine cargo shipping firm Qingdao Ocean Shipping Co. and a 41.52 percent stake in marine dry-bulk shipping and freight forwarding firm Shenzhen Ocean Shipping Co. for 15.98 billion yuan.
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