China Communications Construction Corporation (CCCC) has set up a dredging group, the first of a series of planned spinoffs as it develops into a holdings company with subsidiaries across various sectors.
Officially founded on 10 June in Shanghai, CCCC Dredging (Group) is registered in the Shanghai Free Trade Zone with a registered capital of CNY11.7 billion (USD1.9 billion).
CCCC will become a holdings company controlling listed groups focusing on specific sectors, said Zhou Jingbo, chairman of CCCC Dredging (Group).
The new company will add a business partner rather than a competitor to the world’s dredging market, he added.
Related news: CCCC to spin off dredging business
As of end of 2014, CCCC had a dredging capacity of more than 800 million m³ and owned 191 engineering vessels, including 38 hopper dredgers and 59 cutter suction dredgers.
CCCC Dredging (Group) brings together CCCC Tianjin Dredging, CCCC Shanghai Dredging, and CCCC Guangzhou Dredging, CCCC International Shipping, and Hong Kong Marine Construction, said a company statement.
In 2014, CCCC Tianjin Dredging posted a profit of CNY753 million on revenue of CNY13 billion, while CCCC Shanghai posted CNY990 million on CNY10 billion, and CCCC Guangzhou CNY148 million on CNY4 billion, according to a regulatory filing.