New China Cosco Shipping Commencing Ops
China's Ministry of Commerce has approved the merger of China Ocean Shipping (Group) and China Shipping (Group) so that the combined company can begin full operations.
The company sources said, the newly merged entity will officially be launched and commence operations in Shanghai on February 18.
Meanwhile, the shareholders of the Hong Kong-listed listed entities of China Ocean Shipping (Group) and China Shipping (Group) have approved the joint asset restructuring of the two shipping conglomerates.
Three Hong Kong listed entities (China Cosco Holdings, Cosco Pacific and China Shipping Container Lines) received over 99% of the votes approving the reorganisation.
Xu Lirong, current chairman of CSG, will lead the new China Cosco Shipping Corporation.
The merger was formally approved by Beijing in December last year, and the deal will create several units focusing on distinct businesses such as container shipping, dry bulk shipping, ports and terminals, among others.
