CCCC Forms Dredging Group in Shanghai
The state-owned infrastructure group China Communications Construction Corporation (CCCC) has established CCCC Dredging at Shanghai’s Free Trade Zone.
CCCC Dredging is the first of a series of planned spinoffs as it develops into a holdings company with subsidiaries across various sectors, which it would eventually list overseas.
The dredging group has integrated CCCC Tianjin Dredging, CCCC Shanghai Dredging, and CCCC Guangzhou Dredging, CCCC International Shipping, and Hong Kong Marine Construction.
The registered capital of CCCC Dredging Group is $1.88bn and it will become the largest dredging company in the world in terms of fleet capacity.
CCCC will become a holdings company controlling listed groups focusing on specific sectors, said Zhou Jingbo, chairman of CCCC Dredging (Group).
The new company will add a business partner rather than a competitor to the world’s dredging market, he added.
In March CCCC said in a filing to the Hong Kong Stock Exchange, where it has been listed since 2006, that it “intends to seek listing of CCCC Dredging overseas at appropriate market timing”.
China’s dredging program has created about half a dozen flourishing islands in the South China Sea with deep-water harbours, sandy beaches and at least one airstrip capable of landing fighter jets.
