China's CSCL to buy terminal developer from group

SHANGHAI, March 14 (Reuters) - China Shipping Container Lines
(CSCL) (601866.SS: Quote, Profile, Research, Stock Buzz)(2866.HK: Quote, Profile, Research, Stock Buzz) said on Friday it had made a
preliminary decision to acquire China Shipping Terminal
Development Co from CSCL's parent group.

The decision is in line with CSCL's plan, announced at the
time of its Shanghai initial public offer in December, to use
about 2 billion yuan ($280 million) of the IPO proceeds to buy
assets related to its core business, the company said.

Details of the deal have not been worked out. China Shipping
Terminal Development, which designs and invests in terminals, had
core operating income of 468 million yuan last year.
($1 = 7.1 yuan)
(Reporting by Andrew Torchia)