China Shipping Container Lines sells US$111 million in non-core assets
Source:transportweekly 2013-11-26 10:49:00
China Shipping Group's unit, China Shipping Container Lines, is to sell two wholly-owned subsidiaries valued at CNY678 million (US$111 million) to make up working capital, according to the Shipping Gazette.
The stock exchange filings on the Shanghai United Assets and Equity Exchange follow a disappointing nine months of losses of CNY1.7 billion due overcapacity and waning international demand.
The Shanghai-based line has valued the subsidiaries of a freight forwarding and container depot business at CNY305 million and a logistics consultancy priced at CNY373 million.
The sale is the third this year following September and November's disposal of its overall terminal assets valued at US$266.5 million.