Ningbo Marine taken over by power company
China-based dry bulk shipping firm Ningbo Marine Company has been taken over by power firm Zhejiang Provincial Energy (ZPE), Seatrade Asia online reports.
ZPE has bought a controlling 51% stake in Ningbo Marine for RMB2.03bn ($325m) based on an offer price of RMB3.05 per share.
ZPE said it does not plan to delist Ningbo Marine from the Shanghai Stock Exchange.