COMEC:CSSC plans to reduce its stake by 6%

CSSC plans to sell no more than 84,804 A-shares, or 6% of the company's current share capital, through bidding and block trading, COMEC said in A statement late on August 3.
 
CSSC, the controlling shareholder of CSSC Offshore & Marine Engineering Co.,Ltd, directly and indirectly held 847,685,990 shares of the company, accounting for 59.97% of the total 1,413,506,378 shares of the company.
 
Among them, CSSC directly holds 501,745,100 A-shares, accounting for 35.50% of the company's total capital, and through its 100% holding overseas subsidiary, CSSC International Holdings holds 345,940,890 H-shares, accounting for 24.47% of the company's total capital.

Trading quotes show that CSSC's shares have soared recently, rising more than 135% from July 1 to August 3. Based on CSSC's latest closing price of 39.75 yuan/share, the market value of CSSC's controlling shareholders to be reduced reaches 3.371 billion yuan.
 
Source: Sarah Yu, XINDE MARINE NEWS

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