Guangdong Zhongnan Iron&Steel Co., Ltd. (000717.SZ) announced its intention to transfer the under-construction Longtouzhai Port project to Shaoguan Zhongnan Port & Shipping Co., Ltd., a subsidiary of its controlling shareholder Baowu Group Zhongnan Iron & Steel Co., Ltd. The company has entered into a transfer agreement for the project at a transaction price of 53.5441 million yuan (excluding VAT).
This transaction is expected to generate asset appreciation, recover cash flow, reduce investment expenditures, and enhance corporate profitability.
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