China Shipping Container Lines Co. Ltd. (CSCL) (02866.HK, 601866.CN) has sold a 55 percent stake in its fully owned subsidiary Lianyungang New Oriental International Container Wharf Co. Ltd. for 75.63 million yuan (US$12.40 million), according to a regulatory filing late Tuesday. The shares were jointly acquired by PSA Lianyungang Pte. Ltd. and Jiangsu Lianyungang Port Group Ltd. The deal is awaiting approval from Chinese regulators. CSCL’s profit for the year is expected to increase by 260 million yuan after completion of the deal, the filing said.
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