SIPG to Acquire Jinjiang Shipping
Aiswarya Lakshmi
Friday, April 24, 2015
Shanghai-listed Shanghai International Port Group (SIPG) is currently considering acquiring part of the equity stakes in Shanghai Jinjiang Shipping, a container shipping company mainly engaged in China-Japan routes, as part of the group’s comprehensive development strategy.
SIPG will continue with its further study on the acquisition plan on Shanghai Jinjiang Shipping, and the investment amount and percentage of ownership are yet to be specified.
SIPG will conduct further study on an acquisition plan after a due-diligence investigation into Shanghai Jinjiang Shipping, a stock filing of SIPG said on 23 April.
Shanghai Jinjiang Shipping, established in 1983, is a short-sea container vessel operator with services mainly along China’s coastline and the Taiwan Strait.
Jinjiang Shipping is controlled by Shanghai State-owned Assets Supervision & Administration Commission (Shanghai SASAC), which holds 35.2% of the equity shares.
Another three major shareholders of Jinjiang Shipping are subsidiaries of China Shipping Group, Sinotrans & CSC and China Merchants International.
SIPG owns Shanghai Haihua Shipping Co (Hasco) on the short-sea container shipping sector, which provides container transport from China to Japan and Southeast Asia. It operates 17 vessels with total capacity of 11,000 teu.