Cosco closer to stake in container maker

Shipping giant Cosco Pacific received shareholder approval to buy an RMB 1.05 billion, 16.23% stake in Shenzhen-listed container maker China International Marine Containers from parent company Cosco Group. If approved by authorities, Cosco Pacific will assume control of 163.7 million non-publicly tradable state-owned legal person shares. The company also disclosed it was it might make further port investments, naming Nansha port in Guangzhou.