Dry CargoGreater China
Nanye Group takes control of CSC Phoenix
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%.