Sinotrans Group plans to list its dry bulk cargo business in Hong Kong on November 23, according to the Stock Exchange of Hong Kong.
As the parent company of Sinotrans Limited, Sinotrans Group is expected to raise as much as US$800 million, with UBS and BOC International as sponsors.
A source from the group said not only dry bulk cargo business but also other assets will be listed. Sinotrans Group has 35 bulk cargo vessels and many oil tankers with deadweight tonnage of over two million tons.
Since the 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 and volatility.
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