COSCO Shipping Holdings has announced plans to invest CNY19.7 billion ($2.7 billion) to raise its stake in two major Chinese ports, according to Seatrade Maritime News.
The company will spend CNY18.9 billion ($2.6 billion) to raise its equity in Shanghai International Port Group to 15.55 per cent from 0.62 per cent, and CNY779 million ($107 million) to purchase a 3.24 per cent stake in Guangzhou Port to increase its equity to 6.5 per cent.
COSCO Shipping Holdings will buy stakes from its parent company COSCO Shipping Group.
The acquisitions will help deepen COSCO Shipping Holdings’ strategic partnership with Shanghai International Port and Guangzhou Port and promote the two port operators to participate in the construction of digital shipping infrastructure, COSCO Shipping Holdings noted.
The company also said it had entered into shipping contracts with China COSCO Shipping's Dalian COSCO KHI Ship Engineering to build five vessels for a total of $1.2 billion.
Its unit Orient Overseas (International) Ltd has entered into ship building contracts with Nantong COSCO KHI Ship Engineering to build seven vessels for a total $1.7 billion.
COSCO Shipping Holdings achieved more than $13 billion in profit in the first three quarters of 2022.