COSCO Container Lines Co., Ltd., a wholly owned subsidiary of China COSCO Holdings Company Limited, is to acquire subsidiary network companies in Cambodia, Mexico, Poland, Romania, Russia, Singapore, South Africa and Sri Lanka from China COSCO Shipping Corporation Limited, the controlling shareholder of China COSCO Holdings.

According to COSCO, the transaction will be valued at approximately ¥53.5 million (US$8.03 million) and will improve COSCO Container Lines’ overseas marketing and service capabilities.

COSCO will also be able to optimize how it allocates and manages overseas resources, as well as enlarge its presence in shipping markets abroad, so that it can carry out its internationalization strategy.

COSCO Container Lines, which is the fourth-largest shipping line, began consolidating its domestic network in March 2016 and completed the acquisition of 31 domestic marketing network companies at the end of July, according to COSCO.