China’s former CSCL along with newly established Cosco Shipping Energy Transportation (CSET) are pumping CNY 600m ($87.2m) into finance company CS Finance.
This move will double the current registered capital of CS Finance from CNY 600m to CNY 1.2bn.
Parent China Shipping will also take part in the capital increase announced earlier today.
Cosco Shipping Development (CSD) will inject CNY 300m, while China Shipping will splash out CNY 60m and CSET CNY 150m.
All companies will retain their holding of 10%, 65% and 25% in CS Finance respectively.
The capital increase could position the merged Chinese giant for further growth.
It comes hot on the heels of two big investments in the banking sector.
As TradeWinds has reported, CoscoCS has bought a slice of a Shanghai bank from Australia’s ANZ Group for more than $1.3bn.
It has also made a move for 1.16bn shares in China Bohai Bank, a deal that has already been approved by the government.
