Zim sells stakes in China box makers

摘要

Troubled Israel-based ocean carrier Zim is boosting its balance sheet with the sale of its shareholding in two China-based container manufacturers for $50.5m. In 2006, Zim purchased a 55% stake in Qingdao-based CXIC Star Container and a 25% share in the CXIC factory at Huizhou for a reported $20m. The annual production capacity from the two sites is estimated at 150,000 teu.