COSCO Shipping Holdings said on Monday it has agreed to buy port assets from its parent for an aggregate RMB 19.7 billion ($2.7 billion) as it aims to build a global digital supply chain for its customers, reports Reuters.
The Chinese shipping group said it would buy 14.9% of Shanghai International Port (Group) from its indirect controlling parent China COSCO Shipping Corp for RMB 18.9 billion, and a 3.2% stake in Guangzhou Port for RMB 778.7 million.
COSCO Shipping Holdings also said it had entered into shipping contracts with China COSCO Shipping’s Dalian COSCO KHI Ship Engineering to build five vessels for a total of $1.2 billion. Its unit Orient Overseas (International) has entered into ship building contracts with Nantong COSCO KHI Ship Engineering to build seven vessels for a total $1.7 billion.