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China Shipping Group to proceed with share sale of CS Haisheng

State-owned China Shipping Group (CSG) will proceed to dispose of its majority stake in China Shipping Haisheng (CS Haisheng), one of its listed arm, in a move that would raise some RMB1.03bn ($166.05m).

Lee Hong Liang, Asia Correspondent

May 27, 2015

1 Min Read

Kalyakan - stock.adobe.com

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.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

See more from Lee Hong Liang

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