Cash-strapped Cosco Pacific to Sell CIMC Stake

Cosco Pacific, the container-terminal arm of China’s biggest shipping group, agreed to sell its stake in the world’s largest shipping-container manufacturer to its parent forUS$1.22 billion. The company will sell Cosco Container Industries to a unit of China Ocean Shipping Group, according to a Hong Kong stock exchange filing. Cosco Container’s major asset is its 21.8% holding in China International Marine Containers Group (CIMG). Cosco group chairman Wei Jiafu is restructuring the assets of his flagship China Cosco Holdings to help the company return to profitability as a third straight annual loss may result in its shares being delisted in Shanghai.