Hong Kong-incorporated shipping company Sinotrans Shipping, part of Sinotrans & CSC Holdings, has unveiled the possibility of a privatization.
A short-term suspension of trading on the Stock Exchange of Hong Kong Limited came into force on September 18, 2018.
As informed, an announcement regarding the possible privatization of the company will follow the short-term trading halt. This would be in line with the Hong Kong Code on Takeovers and Mergers.
In April last year, Sinotrans & CSC Holdings and China Merchants Group finalized a merger in an effort to further improve the competitiveness of China’s state enterprises and promote industry consolidation. Sinotrans & CSC thus became a wholly-owned subsidiary of Hong Kong-based China Merchants.
Operating through three shipping segments, Sinotrans Shipping currently has a fleet of more than 50 bulkers, containerships and tankers, according to VesselsValue’s data.
World Maritime News Staff