COSCO Shipping Development is to acquire 10 multi-purpose vessels through assignment and novation of shipbuilding contracts, as well as new shipbuilding contracts, for about US$180 million.
The Hong Kong and Shanghai-listed company is principally engaged in shipping and industry-related leasing businesses, manufacturing of containers, and provision of investment and financial services. Paul Hastings advised the company.
Sichuan Bank, a municipal lender in China, opened on 7 November in the form of a merger between Panzhihua City Commercial Bank and Liangshan Prefectural Commercial Bank.
With a registered capital of RMB30 billion (US$4.5 billion), the bank ranks first in size of registered capital among provincial-level commercial banks in China. KWM served as legal adviser in the establishment of Sichuan Bank.