Cosco Shipping International (Singapore) has formed a joint venture with a related entity to invest in logistics infrastructure assets across Asean and generate rental income thereafter.
The joint venture partner is Supply Fortune, which will hold a 51% stake.
Supply Fortune is a wholly-owned subsidiary of Cosco Shipping Holdings (Hong Kong) Co, which is in turn a wholly-owned subsidiary of Cosco Shipping Holdings Co.
“With container shipping as the core, the joint venture will create a digital supply chain investment platform, which is conducive to improving the service capability of the whole
supply chain and providing customers with more high-quality and diversified digital supply chain products and solutions,” says Cosco.
“The group is also able to tap on the benefits of the joint venture partner to further develop the supply chain market in Southeast Asia, derive industry supply chain value, further enhance the supply chain products in Southeast Asia, and improve the level of end-to-end business customer service,” Cosco adds.
In its most recent FY2022, Cosco announced a loss from the impairment of goodwill that came about following its acquisition of local logistics firm Cogent Holdings. It has cut down its involvement in shipping and is focusing on logistics instead.
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Cosco shares closed March 7 at 17 cents, up 1.19%.
