Shanghai: CSC Phoenix, the domestic dry bulk shipping arm of the state-owned logistics service provider Sinotrans&CSC Group, has announced that its parent company is looking to dispose of all its shareholdings in the company on the public market.
Sinotrans&CSC currently controls 17.89% of the total issued shares of CSC Phoenix. The shares are still frozen by courts after a long restructuring process. They will be unfrozen in June.
The equity transfer is pending approval of the State-Owned Assets Supervision and Administration (SASAC).
CSC Phoenix’s stock trading has been suspended by the stock exchange since May 2014 due to three consecutive years of losses. The company has completed a restructuring, reducing its fleet capacity from 4m dwt to around 600,000 dwt.
CSC Phoenix has applied with the Shenzhen Stock Exchange to resume stock trading.