Shanghai: Shanghai United Assets and Equity Exchange (SUAEE) has announced today that Jiangsu New Longyuan Investment is selling all of its 49% equity in Yinhua Shipping for approximately RMB105m. China Shipping Bulk Carrier, which holds 51% equity of Yinhua Shipping and has the preemptive right for the rest of the equity, shows no intention of taking over the equity.
Yinhua Shipping was jointly established by Jiangsu New Longyuan Investment and China Shipping Development (CSD) in 2007, and later CSD transferred its shares in nine of its subsidiaries including Yinhua Shipping to China Shipping Bulk Carrier in 2012. [20/03/13]
