China Merchants Holdings (CMH) plans a comprehensive restructure this year to streamline its core business following the appointment of a new chairman.
Executive director and president Li Yinfei said the commercial arm of China's Ministry of Communication in Hong Kong would not consider spinning off further business on the stock market before the completion of its restructure and consolidation.
He said the restructuring decision was made at a board meeting in Beijing early this month by newly appointed chairman and Vice-Minister of Communications Liu Songjin .
The main objective of the restructuring was to strengthen management and draft a five-year development picture for the group until 2000, Mr Li said.
He said there were 589 companies under the umbrella of CMH, but quite a number were not set up directly or controlled by CMH.
'Some of the companies may have only some relationship with our subsidiary or affiliate company,' he said.
