Chongqing Port to Set Up Joint Venture With Kerry Arawana; Chongqing Port Shares Decline 3%

MT Newswires Live06-11

Chongqing Port (SHA:600279) partnered with food products manufacturer Yihai Kerry Arawana Holdings (SHE:300999) to set up a joint venture, the company said in its filing on the Shanghai Stock Exchange.

Both parties will use Chongqing Jiangjin Port, a unit of the Chinese harbor and port operation services provider, as the company operating their planned grain and oil terminal.

The registered capital of the joint venture will be increased to 150 million yuan from 50 million yuan.

Chongqing Port and Yihai Kerry Arawana will invest an additional 40 million yuan and 60 million yuan, respectively, into the capital of the venture. The companies will own a respective 60% and 40% of the venture.

Chongqing Port's shares fell nearly 3% in recent trade.

Price (RMB): ¥3.74, Change: ¥-0.10, Percent Change: -2.60%

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