Oct 31 (Reuters) – COSCO Transport Holdings Co Ltd stated on Monday it has agreed to purchase port property from its father or mother for an combination 19.7 billion yuan ($2.7 billion) because it goals to construct a worldwide digital provide chain for its prospects.
The Chinese language delivery group stated it could purchase 14.9% of Shanghai Worldwide Port (Group) (600018.SS) from its oblique controlling father or mother China COSCO Transport Corp Ltd for 18.9 billion yuan, and a 3.2% stake in Guangzhou Port (601228.SS) for 778.7 million yuan.
COSCO Transport Holdings (601919.SS) additionally stated it had entered into delivery contracts with China COSCO Transport’s Dalian COSCO KHI Ship Engineering to construct 5 vessels for a complete of $1.2 billion.
Its unit Orient Abroad (Worldwide) Ltd (0316.HK) has entered into ship constructing contracts with Nantong COSCO KHI Ship Engineering to construct seven vessels for a complete $1.7 billion.
Final week, the German cupboard allowed COSCO to purchase a stake in a terminal within the nation’s largest port in Hamburg, however the accepted funding is lower than the initially deliberate 35% stake that the Chinese language delivery big and HHLA (HHFGn.DE) had aimed for. learn extra
($1 = 7.2499 Chinese language yuan renminbi)
Reporting by Donny Kwok; Modifying by Kim Coghill
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