Shanghai Zhenhua Heavy Industries (ZPMC) has acquired CNY 420m ($62m) worth of shares in Cosco Shipping Holdings in what the Shanghai-listed company describes as a strategic tie-up that can help expand its port equipment and other maritime businesses.
According to exchange filings, ZPMC has used its own cash to buy around 111 million of Cosco’s Shanghai-listed A shares via a private issue at CNY 3.78
