COSCO SHIPPING Holdings Co (HK:1919) has released an update.
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COSCO SHIPPING Holdings Co. announces a strategic move as its subsidiary, COSCO SHIPPING Lines, agrees to purchase an additional 12% equity in COSCO SHIPPING Supply Chain for approximately RMB2.14 billion. This acquisition, which increases their stake to 19%, is part of a connected transaction under Hong Kong listing rules, reflecting COSCO SHIPPING’s ambition to strengthen its supply chain operations. Despite this increase, COSCO SHIPPING Supply Chain will not be consolidated into the group’s financial statements.
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