The estimated purchase price is around CNY2bn ($312.2m).
Sinotrans Container Lines is engaged in domestic and international container shipping services, headquartered in Shanghai. As the end of August 2021, the company has a fleet of 19 self-owned vessels and 13 chartered vessels.
“The acquisition of Sinotrans Container Lines will greatly reduce risks of petrochemical resources’ shipping business and expand the service chain into container transportation sector, which will optimize the company’s business structure and improve the comprehensive competitiveness,” said China Merchants Energy Shipping.
Beijing approved the integration of China Merchants and Sinotrans in 2015. Sinotrans became a wholly-owned subsidiary of China Merchants Group.
SOURCE READ THE FULL ARTICLE