The Board of Directors of the Shanghai-listed Shanghai International Port (Group) (SIPG) has unanimously approved the company’s plan to buy 79.2% of Shanghai Jinjiang Shipping (Group) for up to CNY 1.94 billion (USD 312.5 million).
SIPG plans to buy a 48% stake in Jinjang Shipping currently owned by Shanghai International Group for CNY 1.18 billion, as well as a 31.2% stake held by Shanghai Jiushi Corporation for CNY 765.2 million.
Shanghai Jinjiang Shipping is a short-sea container shipping company operating throughout East Asia. The company’s current fleet of 12 container ships, ranging in capacity from 764 TEU to 1,098 TEU, operates throughout Japan, China, Vietnam and Thailand.
If the transaction is succesful, Jinjiang Shipping will become the second short-sea container carrier owned by SIPG. The company already owns Shanghai Hai Hua Shipping (HASCO) which operates a fleet of seven boxships, with six vessels under construction.
World Maritime News Staff