IndonesiaÂ's Salim Group has signed an initial agreement to buy a 45% stake in COSCO Property Group for $500 million, the weekly 21st Century Business Herald reports.
COSCO Property is a 45%-owned affiliate of China Ocean Shipping (Group) Co., a large conglomerate with international shipping as its core business.
The report said Salim Group will buy at least a 38.24% stake from COSCO PropertyÂ's second-biggest shareholder, Shanghai COSCO. The report didnÂ't say where Salim will buy the remaining 6.76% stake.
COSCO Property is the biggest shareholder of A-share listed Cosco Development Co., owning a 56.16% stake.
The deal will provide Salim Group with an entry point into ShanghaiÂ's booming property sector. At the same time, it will allow COSCO to shed its non-core businesses, the report added.
(source: Dow Jones Business News)
