CMES aborts plan to spin off subsidiaries for listing

China Merchants Energy Shipping (SSE:601872) announced the termination of its planned spin-off and reorganization of its subsidiaries, China Merchants Container Lines and Guangzhou China Merchants Ro-Ro Transportation, for a separate listing. The original plan involved Anjoy Holding acquiring 100% equity of China Merchants Container Lines and 70% of Guangzhou China Merchants Ro-Ro Transportation via share issuance to CMES. The decision to terminate was made due to the inability of involved parties to agree on deal terms, coupled with significant changes in market conditions and the operational status of the target companies since the initial plan was conceived. CMES stated the move would not have a material adverse effect on the company.