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$4,9m for ferry player

$4,9m for ferry player
China Shipping Container Lines has agreed to pay $4.98m for a majority stake in regional ferry and cargo shipping firm Shanghai Incheon International Ferry.

China Shipping Container Lines has agreed to pay $4.98m for a majority stake in regional ferry and cargo shipping firm Shanghai Incheon International Ferry.

China Shipping Container Lines has agreed to pay Yuan 34.24m ($4.98m) for a majority stake in regional ferry and cargo shipping firm Shanghai Incheon International Ferry which is jointly owned by China Shipping (Group) and two South Korean shareholders.

The world"s eighth largest container shipping line confirmed the deal in a filing to the Hong Kong stock exchange today.

News of the acquisition sent the CSCL"s Hong Kong share price soaring by 13% to HK$1.35 ($0.17) in morning trade today, although the stock later fell back to close at HK$1.21, still 1.7% higher than Monday"s close.

CSCL"s wholly-owned subsidiary Shanghai Puhai will acquire shares equivalent to a 75.5% stake in the ferry firm. Shares representing 51% of the ferry company"s share capital will be sold at Yuan23.13m by China Shipping (Group) while the remaining 24.5% stake would be sold at Yuan11.11m by one of the South Korean shareholders, Hang Lim Shipping.

The price was reached based on a valuation of the ferry company done in August that valued the firm at Yuan45.35m ($6.59m). Should the value of the company changes before the transaction is finished, the acquisition price will be adjusted.

?The goal of Shanghai Puhai [CSCL"s wholly-owned subsidiary] is to become a top-tier regional shipping company. To achieve this goal, Shanghai Puhai will further expand its regional network, focusing on the Asian market, especially the Korean market. Shanghai Puhai intends to acquire Shanghai Inchon to benefit from its operational experience in the existing Korean routes and its market share, and to use it as a platform to enhance its network and eventually achieving the above goal,? said CSCL in the statement.

The ferry company is mainly engaged on cargo and ferry services between China and South Korea"s Incheon port. It earned net profits of Yuan10.27m and operating revenue of Yuan138.33m last year.

The company was set up by China Shipping, Korea Express and another South Korean shipping company in 1998. The other South Korean owner, Korea Express, will hold the remaining 24.5% shares in the ferry company after the transaction.

www.TurkishMaritime.com.tr

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