CJKEC, the controlling shareholder of KEC Busan Container Terminal (KBCT) in Korea, has signed an agreement to sell a 20 per cent stake in KBCT to China Shipping Terminal Development (CSTD).

CSTD said the investment is an important step for its global expansion strategy and will facilitate the container shipping business to be merged by China Shipping and Cosco, reported Splash 24/7.

According to a merger plan announced on December 11, Cosco Pacific will acquire full equity of CSTD from China Shipping Group and China Shipping Container Lines (CSCL) for CNY7.63 billion (US$1.17 billion). In the meantime, Cosco will sell its container leasing subsidiary Florens Container Holdings to CSCL for CNY7.78 billion ($1.2 billion).