Sinotrans Shipping moves forward with privatization

Sinotrans Shipping, a subsidiary of the state-owned enterprise Sinotrans & CSC, announced shareholders will vote on its privatization plans a in December.

The company plans to sell its issued shares at a price of HK$2.7 per share, the total value will reach around HK$3.37bn.

Once the restructuring between CMG and Sinotrans & CSC Holdings Company Limited completed, CMG became the ultimate holding company of the company, which caused competition between the company and another listed subsidiary of CMG.

Sinotrans Shipping said the proposed privatization is to save costs and facilitate the creation of long term strategic value while at the same time to avoid horizontal competition. If the proposed privatization of the company is not successful, the company will continue to carry on its core businesses in shipping and chartering businesses.

Sinotrans Shipping was established at Hong Kong in 2003 to execute the comprehensive development strategy of Sinotrans and consolidated the shipping assets of two Sinotrans affiliates , Worlder Shipping and Sinomarine. The company listed on the Hong Kong Stock Exchange in 2007.

Posted 21 November 2018

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Katherine Si

China Correspondent

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