CHINA SHIPPING TRANSFERS 25% STAKE IN CONTAINER CARRIER
China Shipping Development Co. Ltd., a company listed on the Hong Kong stock market, will transfer its 25-percent stake in container carrier China Shipping Container Lines to its controlling shareholder, China Shipping (Group) Co.
The board of directors of China Shipping Development Co. Ltd. has decided to transfer the minority shareholding in China Shipping Container Lines, a carrier that has been losing money, to the parent company. In an announcement published in Hong Kong, China Shipping Development Co. Ltd. Did not explain why it would divest from the group’s container shipping arm.
China Shipping Development Co. Ltd. said on Monday that it would provide details regarding the transfer in a separate announcement to be published soon.
China Shipping Development Co. Ltd. also decided to build a 110,000-ton vessel for the transportation of refined and crude oil. The vessel, expected to be completed in April 2005, will cost about $35 million.