Pacific International Lines subsidiary Singamas Container Holdings is trading in some of its equity for cash.
The Teo Siong Seng-led container maker is selling its interests in five other such companies to a Cosco Shipping Corp subsidiary focused on financial services and investment.
The positions in Qidong Singamas, Qingdao Pacific, Ningbo Pacific, Singamas Container (Shanghai) and Qingdao Pacific subsidiary Qidong Pacific will be sold for RMB 3.8bn ($565m).
Singamas Container said it is parting with these assets to further focus on and develop its specialised container business.
"With 30 years of industry experience and strong market reputation, the group has successfully tapped into the specialised container manufacturing market and offers a wide range of products, including open top containers, bitutainers, offshore containers," the company said
"The company considers that the ability to provide tailor-made products by the group is one of the key success factors in attracting and retaining its customers."
Singamas Container, which did not disclose its specific interests in the five companies, will receive the proceeds in four installments upon closing the deal in September.
About $300m of the money will go toward paying off bank debt while the remainder is earmarked for a $100m special dividend payment and $128m in general corporate and working capital costs.
Singapore-based Pacific International Lines owns 111 boxships and 19 bulkers.
