China Shipping Container Lines Co Ltd (CSCL) said it has agreed to buy the remaining stakes it does not already own in some subsidiaries still held by their parent, China Shipping (Group) Co, for a total of 41.40 mln yuan. China Shipping Container, which currently owns 40 of China Shipping Container Lines Hainan Co Ltd, will buy the remaining 60 pct stake in the firm held by China Shipping Group.

It said it will also buy 10 pct stakes each in CS Xiamen Co, CS Dalian Co, CS Guanghzou Co, CS Qingdao Co, CS Shanghai Co, CS Shenzhen Co, CS Tianjin Co and CS Haikou Co from the parent. Following the acquisitions, CSCL will emerge as full owner of all of those companies, it said.

The units are all principally engaged in providing agency services for domestic and international trade lanes, CSCL said. The company added that the acquisitions are meant to streamline the shareholding structure of the group, strengthen the management, unify the operations, coordinate the development and regulate the operation of the units.