Dalian: Shanghai-listed Heihua Group, a major chemical enterprise in Heilongjiang province, has announced a major restructuring plan involving Renjian Group, a major shipping group in Fujian province. The company has suspended stock trading since December 2014.
Heihua Group will sell its entire asset to an entity designated by its parent China Haohua Chemcial Group and acquire full equity in Renjian-controlled Antong Logistics and Ansheng Shipping by issuing new shares.
Heihua Group said the restructuring will strengthen its downstream business and improve the profitability of the company.
Ansheng Shipping currently runs a fleet of 21 vessels with a total capacity of 300,000dwt, its focus is domestic coastal shipping and Yangtze River shipping. [27/02/15]