Posted on November 14, 2016
By Jason Jiang, SPLASH24/7
Shanghai-listed Zhongchang Marine has announced the sale of its 55% equity in its dredging unit Zhongchang Dredging Engineering and 100% equity in dry bulk shipping unit YangxiZhongchang.
The stakes are being sold to Shanghai Zhongchang and PutuoZhongchang for RMB19.5m ($2.8m) and RMB145m ($21.3m) respectively.
Zhongchang Dredging Engineering mainly offers dredging service in domestic coastal regions and YangxiZhongchang operates domestic coal and iron ore shipping.
Upon completion of the transactions, Zhongchang Marine will have fully disposed of its shipping assets, having completed a restructuring in 2015 where it decided to focus on the information technology business.
Source: SPLASH24/7
