China Shipping Tanker is paying RMB 830m ($134.5m) to acquire more shares in Shanghai Beihai Shipping from an affiliate of its parent, China Shipping Development Co.
In a regulatory filing Hong Kong-quoted CSDC said its subsidiary will control a 40% stake in the target as soon as the 153 million shares change hands.
The transportation arm of China Shipping Group described Shanghai Beihai Shipping as a Sino-foreign joint venture that specialises in the coastwise transportation of petroleum products.
“The
