CSC Phoenix continues to sell off assets

Beijing: CSC Phoenix, subsidiary of China’s logistics giant Sinotrans-CSC, recently has decided to sell another 38 vessels from its fleet after it transferred 13 new vessels to its subsidiaries last month. The listed price for the vessels is RMB15m.The company also plans to sell its 10% shares in Ma’anshan Port Group and 5.4% shares in Hubei Pinge Coal Port for not less than RMB14.54m.

Financially troubled CSC Phoenix said in a release that the move will optimize its assets structure and lower operating costs. [08/10/12]

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