CHINA's Cosco Shipping Ports (CSP) has announced that its subsidiary Shanghai Terminal has proposed to enter into a consortium agreement with Cosco Shipping Tianjin and other investors to acquire up to 40 per cent equity shares in the world's largest dredging company, CCCC Dredging, via a public tender process
CHINA's Cosco Shipping Ports (CSP) has announced that its subsidiary Shanghai Terminal has proposed to enter into a consortium agreement with Cosco Shipping Tianjin and other investors to acquire up to 40 per cent equity shares in the world's largest dredging company, CCCC Dredging, via a public tender process. The total value of the deal is expected be around CNY13.5 billion (US$1.9 billion), reports Singapore's Splash247.
CCCC Dredging is a subsidiary of China Communications Construction Company (CCCC), and is the largest dredging company in the world. The company's dredging business accounts for approximately 70 per cent of the domestic market share.
According to CSP the proposed investment in CCCC Dredging would contribute to the carrying out of the company's strategy of extending its global footprint to build a global terminal network with highly efficient and cost-effective services to serve shipping alliances globally.
CSP added that 'the company could leverage on the brand and global recognition and the rich experience in overseas dredging projects of CCCC Dredging to further extend its international presence, align with the 'Belt & Road Initiative' and strengthen its leading position as a global port operator.'
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