COSCO Pacific Logistics Co., Ltd. (CP Logistics) will sell a 49% stake in COSCO Logistics Co., Ltd. to China COSCO Holdings Co., Ltd. for CNY 2 billion, but the seller still enjoys the profit distribution for the first nine months of 2009.
The vendor, the buyer, and the target company are all under the aegis of China Ocean Shipping (Group) Company (COSCO), a container terminal conglomerate headquartered in Beijing.
As early as 2002, China COSCO Holdings and COSCO Pacific Logistics jointly established China COSCO Holdings in Beijing, taking a stake of 51% and 49%, respectively. The venture specializes in the integrated logistics services, such as freight agent, storage, as well as container yard and terminal services.
It had had net assets of CNY 1.4043 billion by last yearend, and total attributable profits had reached CNY 173.9 million.
Some insiders estimate that this deal will satisfy the increasing capital demand of COSCO Pacific Ltd.
The vendor, the buyer, and the target company are all under the aegis of China Ocean Shipping (Group) Company (COSCO), a container terminal conglomerate headquartered in Beijing.
As early as 2002, China COSCO Holdings and COSCO Pacific Logistics jointly established China COSCO Holdings in Beijing, taking a stake of 51% and 49%, respectively. The venture specializes in the integrated logistics services, such as freight agent, storage, as well as container yard and terminal services.
It had had net assets of CNY 1.4043 billion by last yearend, and total attributable profits had reached CNY 173.9 million.
Some insiders estimate that this deal will satisfy the increasing capital demand of COSCO Pacific Ltd.