China Merchants Group, Sinotrans Deny Merger
China Merchants Energy Shipping Co., Ltd, a subsidiary of China Merchants Group, on Friday denied media reports that China Merchants Group would merge with Sinotrans & CSC Holdings Co., Ltd.
CMES, an ocean transporter of crude oil and other energy sources, filed a statement with the Shanghai Stock Exchange (SSE) on late Friday, saying that the company and its parent have not yet received any notice from authorities about the merger.
Sinotrans Air Transportation Development Co. Ltd also filed a clarification to the SSE on Friday, denying the report on the merger of its actual controller Sinotrans & CSC with China Merchants Group.
The companies have yet to receive any notices regarding their merger, and there are no important announcements that need to be made public as yet.
In September 2014, CMES and Sinotrans & CSC have formed a joint venture named China VLCC to own and operate VLCCs.