SIPG issues bonds in bid to shore up debt

Shanghai International Port Group has revealed a plan to issue US$700 of bonds to the Hong Kong market as part of a drive to reduce debt levels following its investment In Orient Overseas International, parent company of Orient Overseas Container Line.

In 2018, SIPG joined Cosco’s bid for the iconic Hong Kong-based liner firm, taking a 9.9% stake. In a more general move into the shipping sector, SIPG also acquired a 20% share in Shanghai PanAsia Shipping, coincidentally a subsidiary of Cosco, for US$128.5m earlier this year. These recent acquisitions have augmented SIPG’s ownership of Shanghai Jin Jiang Shipping and Shanghai Hai Hua Shipping.

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