Shanghai: Sinotrans & CSC Holdings has put its 50m shares in Kang Tai Life Insurance on sale at Shanghai United Assets and Equity Exchange (SUAEE). The listed price is RMB790m.
Sinotrans & CSC said the shares can be transferred to joint bidders, however, the bidders must be consecutive profitable in the past three fiscal years and have a registered capital of no less than RMB200m.
The largest logistics provider in China is facing a new round of internal restructuring, and it has been reported that Sinotrans Group and CSC Group haven’t been working cohesively since the two state run companies merged. Two of its subsidiaries, CSC Phoenix and Nanjing Tanker are also in deep financial troubles. [13/08/13]