Shandong Energy Group starts reorganization

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Shandong Energy Group Co., Ltd.?has started a program of reorganization and listing, said Bu Changsen, president of the group.

Headquartered in Jinan, the capital city of Shandong Province, the group?was founded by six coal companies in March 2011, and its registered capital is?10 billion yuan (US$1.58 billion).

The group has obtained credit of 350 billion yuan (US$55 billion) from five State-owned banks and the assets will be centralized for management by the end of the first quarter of 2012, China Daily reported Wednesday.

The group will accelerate the process for a public listing, preparing for a holistic listing of the group during the 12th Five-Year-Plan period (2011-2015),?said Bu.