Ningbo Marine cancels restructuring

Ningbo Marine cancels restructuring

Ningbo Marine has announced that it has cancelled a major restructuring deal after it failed to get approval from authorities.

The company announced in August that controlling shareholder Zhejiang Energy Group planned to transfer a 51% share in Ningbo Marine to Zhejiang Port Investment Operation Group (ZPIO).

However, Zhejiang SASAC has decided to make ZPIO into the operating platform for port assets in Zhejiang including Ningbo Port, Zhoushan Port, Taizhou Port, Wenzhou Port and Jiaxing Port, and didn’t approval the deal. A merger between Ningbo Port and Zhoushan Port is still ongoing.

Ningbo Marine reported a net profit of RMB4.4m ($691k) for the first half of 2015, up 185.5% year-on-year.

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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