The Chinese port machinery manufacturer Shanghai Zhenhua Heavy Industries (ZPMC) is planning to sell part or all of its stakes in Qingdao Port and Cosco Shipping Holding to optimise its asset structure, according to Seatrade Maritime.
The targeted stock equities include 1.59% shares of Qingdao Port and 0.02% shares of Cosco Shipping Holding.
The stake sale transactions are beneficial to the company’s asset structure optimization and will improve the company’s financial status, commented Zhenhua.
Zhenhua recently reports a 73.5% net profit drop for the first quarter of this year. The company is facing pressures from performance decline and profitability falling.