Sinotrans shipping unit to have new owner after merger
Sinotrans Shipping Ltd said on Sunday that a planned restructuring of its parent company could mean a change to its own shareholding.
Sinotrans Shipping (Holdings) Ltd, a subsidiary of Sinotrans and CSC Holdings Co Ltd, holds a 65 percent stake in Sinotrans Shipping. Other shareholders own 32 percent stake, with the rest held by Sinotrans (Hong Kong) Holdings Ltd, another subsidiary of Sinotrans and CSC Holdings Co Ltd. In effect, the parent owns 68 percent of Sinotrans Shipping.
The merger between Sinotrans and CSC Holdings Co Ltd, China's second-largest commodity shipping company by revenue, and the Hong Kong-based China Merchants Group, another State-owned shipping, banking, securities and real estate development conglomerate, was first suggested in September.
