Chinese domestic dry bulk shipping firm CSC Phoenix has announced that its controlling shareholder Tianjin Shunhang Shipping has signed a supplement agreement with Guangdong Wenhua Furui Investment to delay a share transfer deal.
In January, Tianjin Shunhang Shipping and Guangdong Wenhua Furui Investment entered into a letter of intent, under which, Tianjin Shunhang Shipping agreed to sell all its 17.89% shares in CSC Phoenix to the latter for RMB1.9bn ($274m). Currently Tianjin Shunhang’s shares in CSC Phoenix are frozen by courts at the request of creditors.
According to CSC Phoenix, Tianjin Shunhang and Wenhua Furui have agreed to delay the signing of an official share transfer agreement to April 10, as Tianjin Shunhang is still in negotiations with its creditors to unfreeze its shares in CSC Phoenix.
