CSCL
Acquires 24.5% interest in Shanghai Inchon International Ferry

DEC, 09.2008
 

 

China Shipping Container Lines Co., announced that Shanghai Puhai Marine Transportation Co. (Shanghai Pupae), a wholly owned subsidiary of the company, entered into the agreement with Hang Lim Shipping Co., Ltd. (Hang Lim Shipping) to acquire its 24.5% equity interest in Shanghai Inchon International Ferry Co., Ltd. (Shanghai Inchon). The consideration payable for the acquisition under the agreement is RMB 11,110,701 (equivalent to approximately USD 1.6m).
 
Upon the completion of the agreement and after Shanghai Pupae successfully acquires 51% equity interest in Shanghai Inchon International Ferry from China Shipping Container Lines, Shanghai Inchon International Ferry will be 75.5% owned by Shanghai Pupae and 24.5% owned by Korea Express Co.