China Merchants Energy Shipping halts restructuring with Antong

China Merchants Energy Shipping (CMES) drops plans to inject container shipping and ro-ro companies into Antong Holdings.

CMES has decided to terminate the restructuring between its subsidiaries and Antong Holding considering uncertainty of the market and the transaction.

The shipping group originally planned to inject its wholly-owned subsidiary, Sinotrans Container Lines, and 70%-owned China Merchants RoRo into Antong Holdings to achieved assets restructuring.

Since the restructuring plans started in May 2024, CMES has completed a series of key milestones, including the signing of the framework agreement, board review, antitrust approval. However, due to prolonged failure to reach consensus on the transaction terms, coupled with significant changes in the market environment and the operational status of the target company compared to the time of restructuring plan initiated, the advancement of the spin-off has encountered substantial obstacles, said CMES.

After thorough consideration of transaction risks and investor interests, CMES approved the proposal on the termination of this restructuring deal.

“The decision will not affect the company’s existing operational and financial status. The company will continue to promote the development of its container shipping and ro-ro shipping businesses while seeking more flexible approaches to optimize its capital market strategy,” commented CMES.

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