Two of China's biggest shipping firms could release statements within days about a possible merger, a senior government official said on Friday after media reported cabinet had approved the tie-up.
The combination of China Ocean Shipping (Group) Co (COSCO) and China Shipping Group would create the world's fourth-largest container shipping company with a roughly 8.1% share, a major step in Beijing's plan to develop a globally competitive maritime industry.
"About the merger plan of China Shipping and COSCO, I would suggest you monitor statements from the two firms in the coming days," Zhang Xiwu, vice-chairman of the Assets Supervision and Administration Commission (SASAC), the agency that spearheads state-sector mergers, told reporters.
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The combination of China Ocean Shipping (Group) Co (COSCO) and China Shipping Group would create the world's fourth-largest container shipping company with a roughly 8.1% share, a major step in Beijing's plan to develop a globally competitive maritime industry.
"About the merger plan of China Shipping and COSCO, I would suggest you monitor statements from the two firms in the coming days," Zhang Xiwu, vice-chairman of the Assets Supervision and Administration Commission (SASAC), the agency that spearheads state-sector mergers, told reporters.
For Free Signals and other KLSE online updates, click here OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
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