Shanghai: Zhongchang Marine has announced that the company is to transfer 100% equities of its subsidiary Zhongchang Marine Shanghai and Putuo Zhongchang Marine to Shanghai Xingming Real Estate, the second biggest shareholder of the company.
All the equity transfer payment will be paid in cash.
When the deal is completed, the subsidiaries will not directly operate bulk cargo transport business, and all the bulk carriers of the subsidiaries will be chartered to Zhongchang Marine.
