UPS has sold up to $59 million worth of shares in Sinotrans, the leading Chinese transportationcompany and its former express joint venture partner. UPS has not commented on the share sale.
The US company was selling about 125 million Sinotrans shares, amounting to about 7% ofSinotrans’ Hong Kong-listed shares and about 2.9% of its total issued shares, international newsagencies reported.
UPS acquired a small stake in Sinotrans when the Chinese company listed shares on the HongKong stock exchange several years ago.
In 2005, UPS bought out Sinotrans from their express joint venture for $100 million followingliberalisation of Chinese regulations. It took over 23 locations as the basis for a fully-owneddomestic express service, which it has since expanded with more flights and new locations.
