Sinotrans Shipping’s Privatization Delayed

Illustration; Image Courtesy: PxHere under CCO license /Public Domain

Hong Kong-based shipping company Sinotrans Shipping Limited informed in a regulatory filing on Thursday, October 18, that its privatization plans have been delayed.

The reason behind the delay is the need for more time to define the details of the scheme document and proposal for the privatization by Sinotrans Shipping (Holdings) Limited. The proposal was due on October 18.

“As more time is required for finalizing the scheme document and to accommodate the timetable of the High Court, the company has applied to the executive, and the executive has granted its consent, to extend the date of dispatch of the scheme document to a date no later than 20 November 2018,” the company revealed in a regulatory statement.

The privatization plans emerged in September this year when Sinotrans Shipping Holdings proposed a scheme of arrangement and withdrawal of the company’s listing.

The move is being pursued on the back of a merger between Sinotrans & CSC Holdings and China Merchants Group finalized last year.

Operating through three shipping segments, Sinotrans Shipping currently has a fleet of more than 50 bulkers, containerships and tankers, according to VesselsValue’s data.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Feb 2020 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 1

Eastern Mediterranean Offshore Conference and Exhibition (EMC) 2020

EMC 2020 conference will arm delegates with technical and commercial knowledge to capitalise…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >