Hong Kong-based cargo transport company Chu Kong Shipping Enterprises Group (CKSG) has confirmed through a recent regulatory filing that it will acquire a controlling stake in local ferry operator New World First Ferry Services (NWFF).
CKSG's acquisition of 60 per cent ownership of NWFF from local conglomerate NWS Holdings, which will continue to own the remaining 40 per cent, is valued at approximately HK$232.8 million (US$30 million).
Upon completion of the acquisition by May 31, NWFF will continue operations under CKSG as a non-wholly-owned subsidiary.