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.