Domestic dry bulk shipping company CSC Phoenix has announced that Shenzhen Stock Exchange has approved the company’s application to resume stock trading on August 18.
CSC Phoenix’s stock was suspended by the exchange in May 2014 due to three consecutive years of losses. The company completed a restructuring at the end of 2014.
Last week, Sinotrans & CSC Group signed a share transfer agreement with Tianjin Shunhang Shipping for the sale of its entire 17.89% equity share in CSC Phoenix for RMB1bn ($161m), making Tianjin Shunhang Shipping the controlling shareholder of CSC Phoenix.
CSC Phoenix reported a net profit of RMB109m in the first half of 2015, down 41.7% year-on-year.