China State Construction Engineering Corporation (CSCEC)announced that it will buy all the shares of China Oversea Holding Limited in oversea ports for 1.31 billion yuan.

The latter will provide port services in China and logistics services in Shenzhen, while the former will pay 1170 million of consideration shares for that.

China State Construction Engineering Corporation (CSCEC) considered that the acquisition can further strengthen its position in infrastructure investments and operation management of partner companies, and can expand portfolio holdings as well as create stable income sources. They also thought that the business of China Oversea Holding Limited in oversea ports is with good growth potential which can help the growth of themselves.

Once the acquisition accomplished, the shares held by China Oversea Holding Limited will increase from 57% to 58.26%.