UPS, DHL AND EXEL LINE UP TO BUY SHARES IN SINOTRANS
Some of the biggest names in the international express parcel and forwarding industries, including UPS, DHL, Exel and Nissin, will buy shares in Sinotrans, the largest forwarding group in China.
A spokesman for Sinotrans Ltd. in Beijing said that it has entered into “strategic placing agreements” for the sale of its shares with UPS Air Couriers of America Ltd., Exel plc and Nissin.
DHL has agreed to buy 5 percent of the shares of Sinotrans. UPS will acquire $35 million worth of shares, Exel $10 million and Nissin $1 million.
Sinotrans, a state-owned company that recently was converted into a corporation, intends to sell about 1.56 billion “H shares,” representing 38.5 percent of its issued share capital, through a global share offering.