China Sea Development (600026) bulletin, the company on May 17 with the relevant party Shanghai Shipping (group) company signed the transfer of shares agreement, the acquisition of Shanghai Ocean Shipping held by Huahai Oil Transportation Co., Ltd. 50% stake, the price of 144 million yuan. Shanghai Shipping is a wholly-owned subsidiary of China Shipping (Group) corporation, while China Shipping (group) Corporation is also a controlling shareholder of the company. Huahai Company registered capital of 26.96 million yuan, before the transfer of equity, Shanghai Shipping and China Petroleum Sales Co., Ltd., respectively, holding a 50% stake in Huahai company. According to the assessment, on the basis of the assessment on October 31, 2009, Huahai's owner's equity book value of 156 million yuan, the evaluation value of 339.8 million yuan, value-added rate of 118.17%, the main reason for the value added is that Huahai owns two oil tankers, The net asset value of RMB 176 million is valued at 344 million yuan by cost method. March 19, Shanghai shipping in the production and exchange of the company held its 50% stake in the public listing of China Sea, the listing price of 169.9 million yuan. China Sea Development said that the acquisition could further promote the strategic cooperation between the large shippers and PetroChina, and properly resolve the internal competition within the China Sea Group.
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