Zheshang Development to take over Zhejiang Shipping Group

Zheshang Development to take over Zhejiang Shipping Group

Shenzhen-listed bulk commodity trader Zheshang Development has announced a plan to acquire Zhejiang Shipping Group from its controlling shareholder Zhejiang Communications Investment Group.

The deal is part of the internal asset restructuring process by state-run Zhejiang Communications Investment Group.

Zheshang Development is currently making efforts to develop the company into an integrated bulk commodity supply chain service provider offering services including trading, warehousing, financial leasing, logistics and distribution.

The company has suspended stock trading to work on the potential deal and is expected to reveal details of the plan within 10 days.

Zhejiang Shipping and its subsidiaries controls nearly 50 vessels, most of which are bulkers.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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