Shanghai: China Communications Construction Company (CCCC), China’s largest port construction company and dredging company, has established CCCC Dredging Group at Shanghai’s Free Trade Zone yesterday following an integration of its dredging businesses under a spinoff plan.
The dredging group has integrated CCCC Tianjin Dredging, CCCC Shanghai Dredging, and CCCC Guangzhou Dredging, CCCC International Shipping, and Hong Kong Marine Construction.
The registered capital of CCCC Dredging Group is RMB11.7bn ($1.88bn) and it will become the largest dredging company in the world in terms of fleet capacity.
CCCC said it will also start to promote the listing of the dredging group on the Hong Kong Stock Exchange in the near future.
CCCC is listed on Shanghai Stock Exchange and Hong Kong Stock Exchange. It has allocated an investment budget of RMB120bn ($19.3bn) for 2015.