Grand China’s takeover of Tianjin Marine questioned

Tianjin Marine’s controlling shareholder, Grand China Logistics, was reported by a former employee of Tianjin Marine for a discrepancy in its takeover of the Tianjin firm.
The ex-employee, Zou Huinan, reported to a local newspaper that the registered stake of Grand China Logistics at the Tianjin Municipal Bureau of Industry and Commerce is different from the disclosed amount by Tianjin Marine.
An industry insider said “if the company did it on purpose, it is likely that Grand China Logistics is trying to evade the takeover.”
Tianjin Marine told SinoShip News “it will not affect what Grand China is planning”.
Currently, Tianjin Marine has suspended its stock trading on the Shanghai Stock Exchange due to its controlling shareholder Grand China’s plans for a big asset move, which could see a back-door listing through Tianjin Marine.
Source: Sino Ship News