Chinese domestic dry bulk operator CSC Phoenix has announced that Nanye Group has become the controlling shareholder of the company having acquired additional shares on the stock exchange.
Shanxi-based coal trader Nanye Group has been aggressively increasing its shareholdings in CSC Phoenix since last year. Through the latest share acquisitions, the company now controls 18% of CSC Phoenix.
The former controlling shareholder of CSC Phoenix, Tianjin Shunhang Shipping, is currently in a liquidation process.
Wuhan-based CSC Phoenix was hit hard by the outbreak of coronavirus. The company reported a net profit of RMB1.6m ($224.8k) for the first quarter of this year, a year-on-year decline of 87.2%.