Greater China

HNA Logistics to take control of Tianjin Marine

Beijing: Tianjin Marine today announced a detailed financing plan which will see a change in its ownership. The company will issue RMB12bn worth of new shares to 10 specified investors. HNA Logistics will invest RMB3.6bn in the new shares while Grand China Logistics will not participate in this subscription.

After the transaction is completed, HNA Logistics will hold 23.83% equity of Tianjin Marine and become the controlling shareholder of the company.

The raised fund will be used to buy 10 VLCCs, 4 LNG carriers and replenish capital.

HNA Logistics said the purpose of the investment is to enhance the level of its marine business and optimize its shipping capacity.

Tianjin Marine reported a net loss of RMB25.59m in the first half of 2013, more than triple compared with the same period last year. [27/08/13]

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