Handover of Haisheng delayed

Handover of Haisheng delayed

Shanghai: The equity transfer of China Shipping Haisheng, the listed subsidiary of state-run China Shipping Group, is facing a delay as the deal has yet to be approved by the powerful State-owned Assets Supervision and Administration Commission (SASAC).

Haisheng announced on June 5 that China Shipping Group would sell 82m shares of Haisheng to a private company, Lanhai Shangshou, for RMB1.029bn ($166m), representing 14.11% equity of the company, thus giving up the majority ownership of Haisheng.

The company was expected to start the equity transfer on June 26, but this is now delayed pending SASAC approval.

Haisheng is involved in dry bulk and chemical shipping.

Katherine Si

Having majored in English Katherine started out at news portal ShippingChina.com where she rose to become News Editor. In 2008 she moved to work with Sam Chambers and has since held numerous positions including China correspondent for Seatrade magazine. Katherine is in touch with Chinese owners and yards on a daily basis and has had many prestigious news scoops reporting China’s fast evolving maritime scene.

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