SINOTRANS GROUP TO FLOAT DRY BULK CARGO BUSINESS IN HONG KONG

China Foreign Trade Transportation (Group) Corporation (SINOTRANS Group) plans to list its dry bulk cargo business in Hong Kong, according to the Hong Kong Stock Exchange.

As the parent company of SINOTRANS Limited (SEHK: 0598), SINOTRANS Group is expected to collect as much as US$800 million, with UBS and BOC International as sponsors.

Not only dry bulk cargo business but also other assets will be listed and the listing could be finished within 2007, said sources from SINOTRANS Group recently.

Currently, SINOTRANS Group has 35 bulk cargo vessels and many oil tankers with deadweight tonnage of over two million tons.

Since SINOTRANS Group plans to channel its storage and logistics business into SINOTRANS Limited to form an all-around logistics operator, it decided to list its dry bulk cargo business separately due to its business cycle.


Source: Quote.com