Comments 
Print 
Mail 
Large Medium SmallChina COSCO Holdings Co Ltd, the world's largest bulk shipper, will sell its logistics arm to reverse losses.
The Shanghai-listed company said in an announcement filed to the Shanghai Stock Exchange that the board of directors has approved the sale of its wholly-owned China COSCO Logistics Co Ltd to the parent COSCO Group, or China Ocean Shipping (Group) Co (COSCO).
The decision was made after China COSCO Holdings reported losses for the second straight year in 2012. The company is facing being delisted if it fails to turn the losses around in 2013.
In 2011, China COSCO Holdings recorded a loss of 10.45 billion yuan ($1.66 billion), and in an earnings forecast on January 26 it expected to report a giant loss for the 2012 financial year, too.
"The sale will generate investment proceeds and help lower de-listing risks," an unnamed source from the company told Shanghai Securities News.
Watermelons now come with scannable data
Rubber Duck falls into Victoria Harbor
Car wreck over car parts quality claim
Gales, hailstorms batter villages in SW China
Ram with artificial heart sets survival record
The future of wearable computers
Anniversary quake drill jolts students
15,000 tour memorial hall on quake anniversaryCopyright 1995 - 2010 . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263 Registration Number: 20100000002731 
