China Merchants Port's Subsidiaries to Set Up 207 Million Yuan Joint Venture

MT Newswires Live12-24 12:02

China Merchants Port Group's (SHE:001872, SHE:201872) three subsidiaries will establish a joint venture, with a registered capital of 207.2 million yuan, according to a Shenzhen Stock Exchange disclosure on Tuesday.

Zhanjiang Port (Group), Sinotrans Chemical International Logistics and Sinotrans South China partnered to set up the joint venture, which will be named Zhanjiang Sinotrans Chemical International Logistics.

The joint venture will manage the construction of the Zhanjiang Chemical Logistics Hub. Zhanjiang Port will transfer a 79,869.16-square-meter state-owned land in Lingang Industrial Park, Xiashan District, Zhanjiang City to Zhanjiang Sinotrans to be used as the site for the hub. The land's price is around 44 million yuan, the port services provider said.

China Merchants Port's A shares rose more than 1% in recent trade.

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