China Shipping to get RMB740m via selling securities

Shanghai: Towards the end of 2013, the loss-making state run shipping companies in China are eager to get back to black through various disposals of assets.

China Merchants Securities announced that China Shipping Group and its subsidiaries Guangzhou Shipping Group and China Shipping Haisheng are going to sell 65.43m shares in total of the company, which accounts for 1.4% of the company’s equity.

China Shipping Group will get around RMB740m cash through the disposal of shares. [28/11/13]

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