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AVIC International Maritime completes liquidation of unit
AVIC International Maritime Holdings Limited has completed the liquidation of AVIC International Ship Engineering Pte Ltd (AISE) on Sept 7, 2017, the group said in a Singapore Exchange filing on Friday.
AISE, a wholly owned direct subsidiary of the group, is an investment holding company without material business operations.
The liquidation is part of an intragroup restructuring exercise to streamline its corporate holding structure with a view to reducing layers of intermediary companies.
This followed the administrative directive issued by the relevant authority under the government of the PRC (People's Republic of China), which requires PRC state-owned enterprises, such as the group, to do so, the group said in earlier filings.