Xingtong Shipping Co., Ltd. completed the acquisition of 51% stake in Shanghai Zhongchuan Zhonggong Wanbang Shipping Co., Ltd. from China Shipbuilding Industry International Trade Co., Ltd.
March 07, 2023
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Xingtong Shipping Co., Ltd. (SHSE:603209) agreed to acquire 51% stake in Shanghai Zhongchuan Zhonggong Wanbang Shipping Co., Ltd. from China Shipbuilding Industry International Trade Co., Ltd. for approximately CNY 290 million on November 23, 2022. As of January 13, 2023, Xingtong Shipping has signed the Property Rights Transaction Contract with China Shipbuilding Industry International Trade on November 28, 2022. The board of Xingtong Shipping has approved Participating in the Bidding for 51% Equity of Shanghai Zhongchuan Zhonggong Wanbang Shipping on November 14, 2022. The board of Xingtong Shipping has approved the deal on January 12, 2023. This transaction still needs to obtain the following approvals from general meeting of shareholders of Xingtong Shipping and Other filings or approvals required by relevant laws and regulations. CITIC Securities Company Limited (SHSE:600030) acted as Independent Financial Advisor, Gu Gongyun of AllBright Law Offices acted as legal advisor and Xiao Houfa of RSM Certified Public Accountants (Special General Partnership) acted as accountant to Xingtong Shipping. As of March 2, 2023, shareholders of Xingtong Shipping Co., Ltd. approved the transaction.
Xingtong Shipping Co., Ltd. (SHSE:603209) completed the acquisition of 51% stake in Shanghai Zhongchuan Zhonggong Wanbang Shipping Co., Ltd. from China Shipbuilding Industry International Trade Co., Ltd. for approximately on March 8, 2023
Xingtong Shipping Co Ltd is a China-based company principally engaged in the business of coastal transportation within China. The Company's main business is the water transportation of bulk liquid chemicals and refined oil in coastal areas. The transportation services provided by the Company include crude oil tanker transportation, product oil tanker transportation, chemical tanker transportation, LNG tanker transportation and LPG tanker transportation. The products transported by the Company include paraxylene (PX), liquid caustic soda, pure benzene, styrene, methanol, ethylene glycol and other basic chemical products and aviation kerosene, gasoline and diesel oil, naphtha and other oil products.
Xingtong Shipping Co., Ltd. completed the acquisition of 51% stake in Shanghai Zhongchuan Zhonggong Wanbang Shipping Co., Ltd. from China Shipbuilding Industry International Trade Co., Ltd.