COSCO to Sell Stake in SOLHL

19 August 2010 (Last Updated August 19th, 2010 18:30)

COSCO International Holdings is considering selling its stake in Sino-Ocean Land Holdings. The COSCO Group subsidiary said proceeds from the disposal of the 16.85% stake will be used to fund future mergers and acquisitions. The company said the sale would contribute to the develop

COSCO International Holdings is considering selling its stake in Sino-Ocean Land Holdings.

The COSCO Group subsidiary said proceeds from the disposal of the 16.85% stake will be used to fund future mergers and acquisitions.

The company said the sale would contribute to the development of its shipping services.

The firm’s profit before income tax from the shipping services segment rose from HK$124m ($16m) in 2004 to HK$325m ($41m) in 2009, up 161% with a CAGR of 21%.