China's Sinochem seeking to sell logistics unit for 3.5b yuan

Hong Kong

SINOCHEM International Corp said it has put up its logistics unit for sale by public auction, aiming to raise about 3.5 billion yuan (S$713 million) - part of the Sinochem conglomerate's efforts to respond to Beijing's push for a slimmer state sector.

Bidders for Sinochem International Logistics - also China's largest liquid chemicals vessel owner with nearly 80 tankers - include a consortium comprising Ordos City Junzheng Energy & Chemical Co Ltd and two other firms, the logistics firm's parent company said in a filing late on Monday.