Shenhua,China Shipping Development To Inject CNY4.6 Billion In JV

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

31 Jan 2010

China Shenhua Energy Co. (1088.HK) and China Shipping Development Co. (1138.HK) said they plan to inject cash totaling CNY4.60 billion (US$672.8 million) to a shipping joint venture over four years for debt repayment and fleet expansion. Shenhua said in a statement it would pump a cash of CNY2.35 billion to its 51%-owned joint venture from 2010 to 2013, of which CNY221.6 million will be injected this year.
China Shipping said in a separate statement it would also pump a cash of CNY2.25 billion to the venture over the same period, in which it owns a 49% stake.

Source: Dow Jones