Tianjin Marine terminates asset restructuring

After over one month of discussion, Tianjin Marine announced that the company has decided to stop the asset restructuring proposed by controlling shareholder Grand China Logistics, and resume trading on the Shanghai Stock Exchange.
The company and the other parties involved in the restructuring agreed to stop the deal due to several factors, Tianjin Marine said.
Meanwhile, the company is planning a non-public A share offering to raise around RMB12bn in funding to purchase ten VLCCs, four LNG carriers and replenish capital.
In the first half, the company recorded a net loss of RMB25.6m.
Source: Sino Ship News