HONG KONG: Singamas Container Holdings has entered into an agreement with Cosco Shipping Financial Holdings to sell its entire interest in five of its companies in China for a total of RMB3.8bn ($565m) in cash.
In March, Hong Kong-listed Singamas announced that this substantial disposal is expected to be transacted at between RMB3.5bn to RMB4bn to an unnamed purchaser.
The five companies include three container manufacturing factories (Qidong Singamas Energy Equipment, Qingdao Pacific Container, Ningbo Pacific Container), one R&D centre (Singamas Container (Shanghai) Limited), and one depot (Qidong Pacific Port), which is a wholly-owned subsidiary of Qingdao Pacific.
The companies’ businesses include manufacturing of dry freight, specialised and refrigerated containers, provision of terminal services and provision of technical and development of services container manufacturing in China.
