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.