China Shipping Logistics Co., Ltd. acquired Shanghai China Shipping International Container Storage and Transportation Co., Ltd. from China Shipping Container Lines Co. Ltd. for approximately CNY 310 million.
January 06, 2014 at 05:00 am
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China Shipping Logistics Co., Ltd. signed an equity transfer agreement to acquire Shanghai China Shipping International Container Storage and Transportation Co., Ltd. from China Shipping Container Lines Co. Ltd. (SEHK:2866) for approximately CNY 310 million in cash on January 3, 2014. China Shipping Logistics submitted a successful bid for Shanghai China Shipping International Container Storage and Transportation and CNY 91.6 million was paid at the time of submission of the bid. The remaining consideration will be paid within one working day from the date of the equity transfer agreement.
In a related deal, China Shipping Investment Co., Ltd. signed an equity transfer agreement to acquire Shanghai Zhengjin Industrials Co., Ltd from China Shipping Container Lines Co. Ltd. (SEHK:2866) for approximately CNY 370 million on January 3, 2014. Upon completion of the disposal, China Shipping Container Lines will cease to have any interest in Shanghai China Shipping International Container Storage. For the year ended December 31, 2012, Shanghai China Shipping International Container Storage and Transportation had loss before taxation and extraordinary items of CNY 0.26 million and profit after taxation and extraordinary items of CNY 0.07 million. The book value of the net assets of Shanghai China Shipping International as at September 30, 2013 was CNY 215.64 million. The transaction is expected to close within 20 days of the equity transfer agreement. On January 6, 2014, Shanghai United Assets and Equity Exchange issued a “Property rights transaction certificate” to the company for this transaction making the agreement effective. China Shipping Container Lines intends to use the proceeds to supplement the working capital. China Tong Cheng Asset Appraisal Co., Ltd. acted as valuer for China Shipping Container Lines.
China Shipping Logistics Co., Ltd. completed the acquisition of Shanghai China Shipping International Container Storage and Transportation Co., Ltd. from China Shipping Container Lines Co. Ltd. (SEHK:2866) on January 6, 2014.
COSCO SHIPPING Development Co Ltd is a China-based company mainly engaged in container manufacturing. The Company mainly operates in four segments. Shipping and Related Industry Leasing segment is principally engaged in ship leasing and container leasing. Container Manufacturing segment is mainly engaged in container manufacturing. Financial Investment segment is mainly engaged in the management and operation of the containers it invests in. Its main management contents include warehousing, leasing, scheduling, handover, distribution, inspection and maintenance, and agency sales. Others segment is engaged in sale and leaseback. The Company mainly operates in the domestic market.
China Shipping Logistics Co., Ltd. acquired Shanghai China Shipping International Container Storage and Transportation Co., Ltd. from China Shipping Container Lines Co. Ltd. for approximately CNY 310 million.
COSCO SHIPPING DEVELOPMENT CO., LTD. 
