Sinotrans (SHA:601598, HKG:0598), through its subsidiary China Merchants Shipping Enterprise, has agreed to sell a 25% stake in Loscam International Holdings to MIC Industrial Investments 4 RSC for $472.2 million, according to a Shanghai Stock Exchange filing on Friday.
Founded in 2010 and based in the British Virgin Islands, Loscam provides circular sharing services for logistics packaging equipment, mainly wooden pallets.
Following the stake sale, Sinotrans will retain a 20% stake in Loscam, while MIC will hold a 30% equity interest.
Sinotrans expects the transaction to optimize its asset structure and release the potential value of its equity assets.
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