CHINA SHIPPING DEVELOPMENT COMPLETES SHARE SWAP DEAL.
China Shipping Development Co (CSDC) has completed a share swap deal to welcome Wuhan Iron and Steel (Group) Corp as the second biggest shareholder of the state-owned shipping firm.
Wuhan has taken 4.17% stake in CSDC while the parent firm China Shipping Group (CSG) remains the controlling shareholder with 42.2% down from 46.36%.
The deal was approved by the State-owned Assets Supervision and Adminstration Commission of the State Council.
The planned share swap was first announced in October this year.
Wuhan has been a major customer of CSDC utilising the shipowner's dry bulk carriers. The latest deal is expected to bring about larger volumes of long term contract of affreightment for the Chinese shipowner.
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|Publication:||Pakistan & Gulf Economist|
|Date:||Dec 14, 2014|
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