Chinese shipbuilder Guangzhou Shipyard International (GSI) is going to take over 100% equity interest in its sister company CSSC Huangpu Wenchong Shipbuilding Company, the parent company of both shipyards China State Shipbuilding Corporation (CSSC) announced.
The decision comes as CSSC eyes “ significant assets restructuring” of GSI.
At the request of the GSI, trading in the shares of its shares has been suspended since 8 April 2014 pending announcement of material matters and since 15 April 2014 due to the significant assets restructuring.
“Currently, the parties involved in restructuring are preparing the relevant documents in relation to the restructuring plan. As it is unlikely for the shares of the company to resume trading by 15 October 2014,GSI has decided to hold an investor briefing session on 14 October 2014,” CSSC said.
It is expected the trading will resume no later than 15 November 2014.
According to GSI, there are no plans to merge Rongsheng Heavy Industry into GSI.