China Shipping Group to give up controlling stake in CS Haisheng

CS Haisheng informed the Shanghai Stock Exchange that CSG is planning to offer 14.11% of its stake, representing 82m shares.

CSG will continue to hold on to 13.38% or 77.8m shares in Shanghai-listed CS Haisheng. The proposed transaction is pending approval from the regulators.

CS Haisheng did not specify any reasons for the planned transaction by CSG.

Largely a dry bulk shipowner, CS Haisheng has managed to return to a net profit of RMB140.37m ($22.63m) in the first quarter as against a loss of RMB48.2m in the same period of last year.

The Chinese shipowner has projected continued profit for the first half of 2015 from the sale of financial assets and various ongoing cost controlling measures.