AVIC International Maritime proposes restructuring

AVIC International Maritime proposes restructuring

Singapore-listed Chinese firm AVIC International Maritime Holdings has announced that the group is proposing to undertake an intragroup restructuring exercise to streamline its corporate group structure.

The restructuring is a response to the central government’s call to streamline corporate holding structures of state-owned enterprises.

The company said it is also in line with the group’s overall strategy to facilitate compliance with reporting requirements and to reduce compliance costs in view of the overall sluggish condition in the global maritime industry.

The restructuring will involve the liquidation of three subsidiaries of the group, namely AVIC International Ship Development Pte, Kaixin Industrial and AVIC Tidestar Fast Offshore.

AVIC International Maritime Holdings is a unit of the Aviation Industry Corporation of China Group. It provides a series of services including shipmanagement, ship design, shipbuilding and EPC.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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