Shanghai: CSC Phoenix announced that it has sold one of its vessel “Yao Hai” to its subsidiary Shanghai Huatai Shipping through auction for RMB43.78m.
The auction was held at the request of its mortgagee bank, China Merchants Bank. CSC Phoenix said the move would help accelerate its restructuring plan.
CSC Phoenix has been making efforts to get back to profit this year and resume stock trading next year. [15/09/14]