Cosco Shipping Holdings to increase stake in logistics unit

COSCO SHIPPING Holdings (SSE: 601919) announced its subsidiary, COSCO SHIPPING Lines, will acquire a 12% stake in COSCO SHIPPING Logistics Supply Chain Co., Ltd. from COSCO SHIPPING Group for approximately ¥2.14 billion. This transaction increases COSCO SHIPPING Lines’ ownership in the logistics unit from 7% to 19%, making it the second-largest shareholder. The deal price is based on an independent valuation conducted by Beijing Zhongqi Hua Assets Appraisal Co., Ltd., which assessed the logistics unit at ¥18.12 billion, a 14.53% premium to its book value. The acquisition, considered a related-party transaction, was approved by the COSCO SHIPPING Holdings board and does not require shareholder approval. COSCO SHIPPING Holdings stated the move is part of its strategy to enhance its integrated logistics offerings and provide comprehensive global supply chain solutions.