Shanghai Bestway plans major restructuring

Shanghai: Shanghai Bestway Marine Engineering Design Co, a major ship design company in China, is planning a major restructuring and has suspended trading of its stock.

Shanghai Bestway said the relevant works including due diligence, auditing and evaluation which are still in progress.

It is rumoured that Shanghai Bestway is planning to acquire Jiangsu Bolunbao Shipbuilding, which is on the verge of bankruptcy. A spokesperson from Shanghai Bestway said the shipyard is currently in talks with its parent company Shanghai Bestway Marine Development Co, and the company itself is not considering acquiring the shipyard. [29/10/13]

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