COSCO raises stake
By Ding Yining |
May 1, 2010, Saturday
|
Print Edition
Print Edition
COSCO Pacific Ltd has agreed to pay US$520 million through its wholly-owned subsidiary Crestway to increase its stake in Danish company Sigma Enterprises Ltd to 22.55 percent.
The deal with AP Moller-Maersk A/S will give Cosco Pacific interests in Shenzhen's Yantian terminals as Sigma owns around 70 percent of the venture running the port.
The container-terminal operator said in a separate statement that it will sell 449 million new shares to controlling shareholder China COSCO Holdings to raise US$601 million to fund the acquisition and other capital expenditures.
China Cosco Holdings Co, the world's largest operator of dry-bulk ships, said it returned to profit in the first quarter with the rebound of shipping rates. The company's profit reached 882 million yuan (US$129 million) in the first three months of this year compared with a loss of 3.35 billion yuan a year ago. Revenues added 58.7 percent to 17.4 billion yuan.
The deal with AP Moller-Maersk A/S will give Cosco Pacific interests in Shenzhen's Yantian terminals as Sigma owns around 70 percent of the venture running the port.
The container-terminal operator said in a separate statement that it will sell 449 million new shares to controlling shareholder China COSCO Holdings to raise US$601 million to fund the acquisition and other capital expenditures.
China Cosco Holdings Co, the world's largest operator of dry-bulk ships, said it returned to profit in the first quarter with the rebound of shipping rates. The company's profit reached 882 million yuan (US$129 million) in the first three months of this year compared with a loss of 3.35 billion yuan a year ago. Revenues added 58.7 percent to 17.4 billion yuan.
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