In a major development, COSCO Shipping has announced that it will have a stake in COFCO Fortune. The shipping company is on its way to owning a 5.8% stake in the logistics and food processing unit of COFCO for a payment of $814 million.
COFCO, the Chinese state agricultural conglomerate, will now have its stakes reduced to 69.8% from the 89.7% they previously held. This is part of their plan to boost the company’s capital.
The two companies look forward to exploring terminal ports, warehousing and container yards-related operations.
Other state-owned companies like China Life Insurance and China’s basic pension insurance fund also invested in this COFCO Fortune capital push. Private equity fund Houke Fulin is also on board with this plan.
References: Reuters, Channel News Asia, US News
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