China's Sinotrans, Changjiang National Shipping reach agreement on merger
Sinotrans Group, China's largest logistics company, has reached a merger agreement with China Changjiang National Shipping (Group) Corp (CSC Group), the country's largest river shipping company, CSC Group's listed arms said.
Changjiang Shipping Group Phoenix Co Ltd (SZA 000520) and Nanjing Water Transport Industry Co Ltd , units of Wuhan-based CSC Group, disclosed the information in separate statements filed to the Shanghai and Shenzhen bourse.
The two central-government controlled groups will jointly submit their merger plans to the State-owned Asset Supervision and Administration Commission (SASAC) soon, according to the statements.
"There is no certainty as to whether or not the plans will be approved by authorities," the units said.
No further details were given.
Beijing's Sinotrans Group is the largest shareholder of Hong Kong-listed Sinotrans Ltd (HK 0598) and Sinotrans Shipping Ltd .
Changjiang Shipping Group Phoenix Co Ltd (SZA 000520) and Nanjing Water Transport Industry Co Ltd , units of Wuhan-based CSC Group, disclosed the information in separate statements filed to the Shanghai and Shenzhen bourse.
The two central-government controlled groups will jointly submit their merger plans to the State-owned Asset Supervision and Administration Commission (SASAC) soon, according to the statements.
"There is no certainty as to whether or not the plans will be approved by authorities," the units said.
No further details were given.
Beijing's Sinotrans Group is the largest shareholder of Hong Kong-listed Sinotrans Ltd (HK 0598) and Sinotrans Shipping Ltd .