Cosco Shipping Energy Transportation, part of state conglomerate China Cosco Shipping, has announced its plan to absorb one of its main shipowning subsidiaries.
In an exchange filing, CSET said its board approved the merger of Cosco Shipping Tanker (Shanghai), also known as Shanghai Tanker, as part of intra-group restructuring.
The absorption is “for the integration of the core businesses of the group and is conducive to optimising the management structure and enhancing the operation and management efficiency,” Shanghai- and Hong Kong-listed CSET said.
