Shanghai: Shanghai-listed Heihua Group, a major chemical company in Heilongjiang, has announced a plan to take over Fujian-based Renjian Group’s shipping assets, Antong Logistics and Ansheng Shipping.
Heihua Group will sell its entire assets to an entity designated by its parent, China Haohua Chemcial Group and issue RMB3.65bn ($588m) worth of new shares to Guo Dongze and Guo Dongsheng, the two shareholders of Renjian Group, for the purchase of full equity of Antong Logistics and Ansheng Shipping.
In a separate deal, Heihua will raise RMB700m via issuing new shares to Guo Dongze and Great Wall Guotou Investment Management to fund the investments in containers and warehouse facilities for the two companies.
After the completion of the transactions, the Guo brothers will together hold 50.18% equity shares in Heihua Group and become the controlling shareholders of the group.
Ansheng Shipping currently operates 15 owned containerships and another 20 containerships under financial leasing agreements.