China merges state-owned firms in tourism, textiles

By IBTimes Staff Reporter | July 23 2007 10:26 AM

With a pair of mergers announced over the weekend, the total number of state-owned enterprises affiliated with Chinaâ€™s central government has dropped from 157 to 155.

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A tourism company and a textile group were merged with other state-run firms, reported State-owned Assets Supervision and Administration Commission (SASAC).

State-owned enterprise China Travel Service (Holdings) was merged into CTS (Holdings) Hong Kong Ltd. With the move, CTG becomes a wholly-owned subsidiary of CTS. It is the largest ever merger and acquisition in the domestic tourism industry

As a result, total CTS assets will grow from 32 billion yuan ($4.2 billion) to 35 billion yuan ($4.6 billion).

Also, China Textile Industrial Engineering Institute became a subsidiary of China National Petroleum Corp.