Nanjing Tanker, the tanker arm of Sinotrans & CSC, has announced that the company has received approval from Shanghai Stock Exchange for the company’s application to relist, four years after the company was delisted from the stock exchange.
The company will list around 5bn shares at RMB1 each on the stock exchange and the shares will be traded under the “special treatment” category, which has a daily trading limit, at least until the company release its first annual report after the relisting. The company has reported profits for the past three years.
Nanjing Tanker was delisted in 2014 after three years of consecutive losses and became the first state-run company to be delisted. The company completed a debt restructuring after the delisting and transferred all its VLCC asset to China VLCC, the joint venture between China Merchants and Sinotrans, and now focuses on MR tankers, LPG carriers and small clean tankers.
Last year, Sinotrans & CSC completed a merger with China Merchants and becomes a subsidiary of the latter.
According to VesselsValue, the company currently owns a fleet of 43 tankers.