Singamas to sell half its manufacturing capacity for US$595.5 million
SINGAMAS Container Holdings has entered into an agreement to sell five of its wholly owned subsidiaries for CNY4 billion (US$595
SINGAMAS Container Holdings has entered into an agreement to sell five of its wholly owned subsidiaries for CNY4 billion (US$595.5 million) - about half of its container making capacity.
This report is similar to one published on March 23 by the Shipping Gazette and Asian Shipper which contained errors which this one serves to correct.
Because of lag time before print publication, regrettably both Shipping Gazette and Asian Shipper print editions of today Monday April 1 will carry the incorrect story, but we shall publish a corrected version in our print editions on Monday April 8. We apologise for the error.
Hong Kong-listed Singamas said the potential purchaser is looking to acquire Qidong Singamas Energy Equipment, Qingdao Pacific Container, Ningbo Pacific Container, Singamas Container Holdings (Shanghai) Limited and Qidong Pacific Port for CNY3.5 billion to CNY4 billion payable in cash.
Qidong Pacific Port is one of Singamas' 11 depots in China, while Singamas Container Holdings (Shanghai) Limited is the R&D centre of the group and the remaining three subsidiaries are among its nine Chinese factories
The six factories that Singamas is keeping include Huizhou Singamas Energy Equipment Co, Singamas Container Industry Co, Shanghai Pacific International Container Co, Xiamen Pacific Container Manufacturing Co, Shanghai Baoshan Pacific Container and Qidong Singamas Offshore Equipment Co.