Macau-based state-run conglomerate Nam Kwong (Group) Co. Ltd. is to conduct a restructure, according to the State-owned Assets Supervision and Administration Commission of the State Council of China. The Chinese authority released a statement on its official website on Tuesday stating that the State Council had approved the restructure of the local company although it did not reveal the details of the restructuring plan. The company is the city’s largest supplier of petroleum products, as well as a main supplier of fresh and frozen food. Having a total of 12 subsidiaries, it also engages in the hotel and management businesses, tourism and travel agency and logistic services. In the same statement, the Chinese authority announced that state-owned crude oil supplier Zhuhai Zhen Rong Company had also been approved for restructuring. The company was founded in 1994.
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