SIPG to acquire 79.2% of Shanghai Jinjiang Shipping

Shanghai International Port Group Co., (SIPG) announced that it is set to acquire a 79.2% stake in intra-Asia container line Shanghai Jinjiang Shipping for up to RMB1.94bn ($312.58m).

SIPG plans to buy a 48% stake in Jinjang Shipping currently owned by Shanghai International Group, as well as a 31.2% stake held by Shanghai Jiushi Corporation.

Shanghai Jinjiang Shipping is a short-sea container carrier serving the Chinese coast and Taiwan Strait operates throughout East Asia. The company’s current fleet of 12 container ships, ranging in capacity from 764 TEU to 1,098 TEU, operates throughout Japan, China, Vietnam and Thailand.

In 2013 Shanghai Jinjiang Shipping posted a net profit of RMB75.64m and a revenue of RMB1.56bn in 2013. The company also operates two warehouses in Waigaoqiao, Shanghai, which are adjacent to Waigaoqiao port.