China Communications Construction Company Limited (CCCC), a large state-owned infrastructure group, is about to integrate its dredging assets and establish a new company, the CCCC Dredging Company.
The establishment of CCCC Dredging, announced at the board meeting held on March 30th, will be divided into two phases, the initial establishment and stock-for-stock merger.
Initial establishment:
CCCC and China Road and Bridge Corporation Limited (CRBC), a wholly-owned subsidiary of the company will establish CCCC Dredging by way of cash contribution. The total share capital of CCCC Dredging, upon establishment, will be 50 million shares with the investment of approx $16.1 million (RMB 99.9 million).
Stock-for-stock merger:
The newly issued shares, after the establishment of CCCC Dredging, will be used for the acquisition of 100% equity interests in CCCC Tianjin Dredging Co., Ltd., CCCC Shanghai Dredging Co., Ltd. and CCCC Guangzhou Dredging Co., Ltd.
The primary businesses of CCCC Dredging will include: port and channel construction engineering contracting; channel dredging, waterworks construction engineering and port ancillary services; channel engineering design and construction; waterworks and civil engineering exploration and design, communication navigation equipment maintenance, backfilling and reclamation, underwater clearance; water conservation project (flood control, river regulation works, inland river and lake treatment) etc.