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Shipper shares halted pending asset pump

SHARES of China Shipping Development were suspended from trading yesterday in both Shanghai and Hong Kong pending an asset injection.

The oil-tanker and dry-bulk arm of China's second-largest shipping group said in a statement to Hong Kong's stock exchange that the transaction was an injection of assets by the parent. The company's shares have lost 21 percent in the past month. It closed at HK$6.32 (82 US cents) on Monday.

China Shipping Development is set to receive dry-bulk assets from its parent China Shipping (Group) Co, Li Shaode, the group's president, said in Beijing on Monday.

The company didn't release a further statement on the transaction.

China Shipping Development also planned to set up a shipping joint venture with the parent of PetroChina, said a report by China Business News, citing an interview with Li. The venture would order vessels to ship liquefied natural gas from Australia to China and China Shipping Development would own at least 70 percent of it.

China Shipping Development is the company which takes care of most of its parent group's energy transport business.


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