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Sinotrans & CSC Phoenix sells stake in Chongqing Xingang Changlong Logistics

Chinese dry bulk shipping company Sinotrans & CSC Phoenix sold its 28% stake in Chongqing Xingang Changlong Logistics Company to bolster cashflow.

The company signed the equity transfer contract with Chongqing Iron & Steel Co. Ltd to sell its 28% stake equity in Chongqing Xingang Changlong Logistics at a price of RMB28.48m ($4.25m). The equity transfer is scheduled to be completed by 5 April.

The company said that the equity transfer deal would be able to contribute to its cashflow and improve the financial results in 2019.

Chongqing Xingang Changlong Logistics, is 60% owned by Chongqing Qiancheng Industry Co., Ltd, 28% owned by Sinotrans & CSC Phoenix and 12% owned by Minsheng Shipping.

Earlier this year, Sinotrans & CSC Phoenix’s parent company Tianjin Shunhang Shipping applied to the courts for liquidation due to debt issues, and several groups of staff resigned recently.

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