Sinotrans Shipping has announced that the company’s scheme of privatisation has been approved by the High Court of Hong Kong yesterday.
Sinotrans Shipping announced the scheme in November, which includes the sale of 65.13% of its issued shares for up to HK$3.37bn ($430m).
Following the court approval, Sinotrans Shipping will be officially delisted from Hong Kong Stock Exchange on January 14.
The company made the decision of delisting as the trading liquidity of its shares has been at a low level over a period time which makes it difficult for shareholder to execute on-market disposals without adversely affecting the share price.
Sinotrans Shipping owns a fleet of over 61 ships, made up of 42 bulkers, 13 containerships, four tankers and two OSVs.