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ACF 2020


ACF 2020


BEIJING: January 05, 2016. China’s state-owned Assets Supervision and Administration Commission (SASAC) has approved a proposed no-cost acquisition of Sinotrans and CSC Holdings by China Merchants Group.

China Merchants, controlled by SASAC with a capitalization of ¥13.75 billion, opSinotrans 1erates in three business areas: transportation (ports and related services, toll roads, energy shipping and logistics); finance (banking, securities, funds, insurance); and property development.

SASAC said the Sinotrans acquisition by China Merchants is designed to establish a leading global operator in logistics, energy and bulk shipping, property development, ports and marine and offshore engineering.

The move coincides with an announcement by the China Insurance Regulatory Commission (CIRC) of the launch of China Insurance Investment, supported by 45 insurance companies and capital of ¥1.2 billion.

CIRC said the aim of the new company is to encourage a strategy of using state-owned logistics facilities to import energy.

CIRC noted an initial ¥40 billion would be used to finance port acquisitions and construction in Sri Lanka, Turkey and Djibouti by China Merchants, and the building of liquefied natural gas vessels for the US$27 billion Yamal LNG project in Russia - a joint venture between Russia’s Novatek, France’s Total and the China National Petroleum Corporation.

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