Zim sells equity interest in Chinese rail ventureim

Zim has completed the sale of its 8% stake in a joint venture that plans to build and operate 18 rail freight terminals in China. The sale price was about US$29 million
 
Zim Integrated Shipping Services Ltd. said last week it completed the sale of its 8% stake in a joint venture that plans to build and operate about 18 rail freight terminals in mainland China.
 
The joint venture was established by CHINA Railway Container Transport Corp., a state-owned company under the control of the Ministry of Railways and includes France's CMA CGM, German rail operator Deutsche Bahn and Israel's Zim Logistics to design. 
 
China Railway Container Transport is the biggest stakeholder with a 34 per cent equity interest in the joint venture. CMA CGM, Deutsche Bahn and Zim Logistics each had an eight per cent share.
 
The sale price of its Chinese rail freight stake, which it announced last spring, was about US$29 million.
 
Zim posted a US$37 million net profit in the third quarter after losing US$208 million a year ago as increased cargo volume, higher freight rates and lower costs helped the company back toward recovery from near collapse in 2009.