COSCO Shipping Holdings has acquired a 5.8% minority stake in COFCO Fortune for 810 million dollars. COFCO Fortune is a company specializing in the logistics and food processing activities of China’s state-owned agricultural conglomerate COFCO.
The deal is part of a capital increase plan announced in November by COFCO Fortune. Once the deal is finalized, COFCO and other members of the group will retain a combined 69.8% stake in COFCO Fortune, as opposed to their previous 89.7% one.
Translation by Giles Foster
