-- COSCO Shipping Energy Transportation (HKG:1138, SHA:600026) will accquire 100% of COSCO SHIPPING Investment Dalian for about 1.59 billion yuan, according to a Tuesday Hong Kong bourse filing.
The company is buying the asset from its controlling shareholder, China COSCO Shipping Corporation.
Dalian COSCO Energy, a wholly owned unit, will fund about 60% of the consideration through external financing and the remainder via internal resources.
Upon completion, the target will become an indirect wholly owned subsidiary, and certain existing agreements with related parties will continue as ongoing connected transactions.
COSCO Shipping Investment Dalian operates as an investment and asset management platform focused on shipping-related businesses, including liquefied gas transportation assets under development and a hazardous chemicals logistics park in Dalian, the filing said.