Cotton SOE merged with Sinograin
Print Edition
CHINA’S state-asset watchdog said yesterday that China National Cotton Reserves Corp will no longer be under its supervision and be merged with another state-owned company.
The state cotton reserve manager will become a wholly owned subsidiary of China Grain Reserves Corp, also known as Sinograin, the State-owned Assets Supervision and Administration Commission said in a statement.
“China National Cotton Reserves Corp will no longer be under the direct supervision of SASAC,” the statement said.
The merger is part of the reorganization of state-owned companies to cut costs, boost efficiency and make them more competitive.
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