Alpha Diallo
0
All posts from Alpha Diallo
Alpha Diallo in Alpha Diallo,

Sell Assets or Face Delisting

                    (Image source:CaixinOnline)

China COSCO Holdings Company Limited(SHA:601919), which Asia's second largest bulk shipper will attempt to sell assets in order to prevent
itself from delisting from the
Shanghai Stock Exchange. The company reported
net losses for the first half of 2013 in the amount of $162 million. The state
run company already posted two consecutive years of losses. Another year of
losses will trigger a delisting from the exchange. This is why the company is
trying to prevent another loss for the remaining year. COSCO will divest its stake
in Qingdao Management and
Shanghai Tianhongli assets in order to raise about 3.7 billion yuan.

In the general, the global shipping industry is experiencing severe downturns.