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CSSC gets green light for internal restructuring

The former southern shipbuilding group CSSC of the newly restructured China State Shipbuilding Corporation has obtained approval from China Securities Regulatory Commission (CSRC) on an internal restructuring plan.

CSSC is to acquire in full or part of the stakes of Jiangnan Shipyard, Waigaoqiao Shipbuilding and Chengxi Shipyard from several companies including the group China State Shipbuilding Corporation.

Currently, CSRC is reviewing CSSC’s plan for issuing new shares to up to 10 investors and raising RMB3.86bn ($559.4m) for the shipyard assets acquisition.

CSSC has suspended its stock trading and is waiting for the feedback from restructuring committee for the restructuring deal. 

The internal restructuring will be beneficial for the group’s listed companies to optimise shipbuilding business structure, strengthen competitiveness and improve the scale of its listed assets.

Last year, the Chinese central government approved the merger between China State Shipbuilding Corporation (CSSC) and China Shipbuilding Industry Corporation (CSIC), and retained the name of China State Shipbuilding Corporation (CSSC) as the newly established group brand.

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