COSCO International Holdings has agreed to acquire from China Marine Bunker (Petro China) Co., Ltd. (Chimbusco) 100% equity interest in COSCO International Trading Company Limited (CITC) at a consideration of RMB142 million (approximately $161.454 million).
CITC owns 40% equity interest in COSCO International Ship Trading Company Limited. Upon completion, COSCO International's stake in COSCO International Ship Trading will increase to 100%.
CITC is one of the trading platforms of Chimbusco and its principal activities include trading of asphalt and chemicals as well as trading of various ship equipment and accessories.
CITC owns 40% equity interest in COSCO International Ship Trading Company Limited. Upon completion, COSCO International's stake in COSCO International Ship Trading will increase to 100%.
CITC is one of the trading platforms of Chimbusco and its principal activities include trading of asphalt and chemicals as well as trading of various ship equipment and accessories.