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Merger of Sinotrans, Changjiang Shipping nodded

(Agencies)
Updated: 2008-10-27 16:24

The State Council has approved the merger of central-government owned Sinotrans Group and China Changjiang National Shipping (Group) Corp (CSC Group), the Shanghai Securities News reported, citing sources at Sinotrans.

The report said the decision will be officially announced within the next two months, and the name of the new entity will be Sinotrans CSC Group.

No further details were provided.

Sinotrans Group, the country's largest logistics company, is the largest shareholder of Hong Kong-listed Sinotrans Ltd and Sinotrans Shipping Ltd.

Wuhan-based CSC Group, China's largest river shipping company, also has two listed arms - Changjiang Shipping Group Phoenix Co Ltd and Nanjing Water Transport Industry Co Ltd.

In July, the listed units confirmed the possible merger of their parents and announced that their parents will submit their merger plans to the State-owned Asset Supervision and Administration Commission soon.