Chinese bulker owner Ningbo Marine has announced a major restructuring plan in which it will acquire all the shipping assets of its parent Zhejiang Energy Group.
The assets include 51% equity interest of Zhejiang Fuxing Shipping, 60% equity interest of Zhejiang Zheneng Tongli Shipping, 77% equity interest of Ningbo Jianghai Transportation as well as 39.2% equity in Ningbo Beilun Shipping.
According to Ningbo Marine, the company will issue new shares to acquire the assets but the details are still in planning.
Ningbo Marine started a similar restructuring move in 2016 however the plan was rejected by China Securities Regulatory Commission, which claimed that the restructuring didn’t meet the requirement of the latest back-door listing rules.
Ningbo Marine currently operates a fleet of 33 vessels comprising 26 bulkers and seven feedermax containerships.
