Shenzhen Capital to acquire China International Marine Containers from COSCO for $945m.

Shenzhen Capital, a venture capital firm, agreed to acquire China International Marine Containers, a company principally engaged in the manufacture and sale of transportation equipment, from COSCO, a Chinese multinational conglomerate, for $945m. Pursuant to the share transfer agreement, COSCO has agreed to sell an aggregate of 645,010,617 CIMC shares, comprising 350,000,000 A shares and 295,010,617 H shares, to Shenzhen Capital. The transfer involves approximately 17.94% of the total issued share capital of CIMC. The equity interest of COSCO in CIMC will decrease to approximately 4.69% upon completion, while CIMC will continue to be an associate of COSCO. The proceeds from the disposal of shares will primarily be used for loan repayment for the optimization of asset structure.