Shanghai-listed CSG said the transaction has received an in-principle approval from the State-owned Assets Supervision and Administration Commission (SASAC), after the company proposed the share disposal plan last week.
CSG will sell a total of 82m shares in dry bulk shipowner China Shipping Haisheng via a public tender at a knockdown price of not lower than RMB12.55 per share. The 82m shares account for 14.11% of China Shipping Haisheng’s share capital.
Upon the completion of the share sale, CSG will hold 77.8m shares in the bulk owner, making it the second largest shareholder.
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