Sinotrans&CSC plans to dispose of all its shares in Changhang Phoenix in a public tender.
Sinotrans&CSC currently owns 17.89% of Changhang Phoenix through China Changjiang National Shipping, which is a subsidiary of Sinotrans&CSC, a stock filing of Changhang Phoenix said.
Changhang Phoenix, a bulk carrier operating unit of Sinotrans&CSC, predicted in April that it would remain in the black for the first half of 2015 as it seeks to resume the trading in the company’s shares on the Shenzhen Stock Exchange.
In May, Changhang Phoenix applied for the resumption of trading in its shares on the Shenzhen Stock Exchange after it reported profits for 2014 and positive equity as of the end of 2014.
In 2014, Changhang Phoenix’s profit totalled CNY4.3 billion (USD690.5 million) as the company had completed its restructuring to reap CNY4.2 billion in restructuring proceeds.
Also, the restructuring helped waive Changhang Phoenix’s huge debts and related interest payment.
According to Chinese security regulations, trading in the shares of Changhang Phoenix will resume on the Shenzhen Stock Exchange after it reports full-year profits and positive net equity for 2014. Trading in the shares was suspended on 26 December 2013 as it began to prepare for restructuring.
This post was sourced from IHS Maritime 360: View the original article here.
