CCCC Dredging (Group) is planning to apply for an initial public offering (IPO) at the Hong Kong Stock Exchange, according to a stock filing of China Communications Construction Company (CCCC).
The China Securities Regulatory Commission has accepted the application for the IPO by CCCC Dredging, said CCCC, parent company of CCCC Dredging.
On 10 June, CCCC Dredging was officially founded in Shanghai, marking the first step that CCCC is taking to revamp its business sectors.
The dredging sector was the first business sector of CCCC that had been revamped, CCCC chairman Liu Qitao said at the foundation ceremony held in Shanghai on 10 June.
Related news:CCCC founds dredging group in Shanghai
In the future, CCCC will turn into a holdings company that controls different listed subsidiary groups focusing on specific business sectors, CCCC Dredging chairman Zhou Jingbo said.
The setup of the company will add a business partner rather than a new competitor to the world’s dredging market, Zhou said. It will help create a global dredging market in good order.
CCCC Dredging is registered in the Shanghai Free Trade Zone with a registered capital of CNY11.7 billion (USD1.9 billion). As of end of 2014, the company had a dredging capacity of over 800 million m³. It also owned 191 engineering vessels including 38 hopper dredgers and 59 cutter suction dredgers.
It comprises CCCC Tianjin Dredging, CCCC Shanghai Dredging, CCCC Guangzhou Dredging, CCCC International Shipping, and Hongkong Marine Construction, a statement of the company said.
In 2014, CCCC Tianjin Dredging posted a profit of CNY753 million on a revenue of CNY13 billion, according to a prior regulatory filing of CCCC. CCCC Shanghai posted a profit of CNY990 million on a revenue of CNY10 billion, while CCCC Guangzhou posted a profit of CNY148 million on a revenue of CNY4 billion.
This post was sourced from IHS Maritime 360: View the original article here.