Nanye Group closes in on CSC Phoenix takeover

Nanye Group closes in on CSC Phoenix takeover

Shaanxi-based coal trader Nanye Group has further increased its shareholding in domestic dry bulk shipping operator CSC Phoenix by 5%.

It is Nanye Group’s third major CSC Phoenix share acquisition in the past four months, increasing its shareholding in the company to 15%, only 2.89% less than the controlling shareholder, Tianjin Shunhang Shipping.

When contacted by Splash, an official of Nanye Group said the company did not rule out the possibility to further increase shareholdings CSC Phoenix in the future.

CSC Phoenix’s controlling shareholder Tianjin Shunhang Shipping is currently in a liquidation process under a court ruling.

CSC Phoenix said the liquidation of Tianjin Shunhang Shipping will not affect the company’s operation immediately, but may result in an ownership change of the company.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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