April 24 - China Merchants Group, the state-owned conglomerate completed a strategic reorganisation, which results in and Sinotrans & CSC becoming a wholly-owned subsidiary of the former.
The Chinese government approved the reorganisation plan in December 2015 in an attempt to achieve economies of scale and synergies in areas such as logistics, energy and bulk shipping, property development, ports and marine and offshore engineering.
Having taken onboard Sinotrans & CSC, China Merchants Group will be tasked with enhancing the competitiveness of one of the country's state-owned enterprises and consolidating their respective businesses, which include dry bulk shipping, ports and logistics.
