date:Jan 19, 2023
COSCO Shipping Holdings has agreed to acquire a 5.8% stake in COFCO Fortune, a food processing and transportation subsidiary of the Chinese state agricultural conglomerate COFCO, for US$814 million.
The transaction is part of a COFCO Fortune capital enhancement strategy, according to a recent stock exchange filing by COSCO SHIPPING Holdings.
Meanwhile, COFCO and other parts of the company will maintain a combined 69.8% ownership in COFCO Fortune following the conclusion of the capital raising