Tianjin Port Dev (3382) to reorganize assets with subsidiary

    Tianjin Port Development (03382) said it agreed to sell to Tianjin Port Holdings Co., Ltd. 40% equity interest in Alliance International, the entire equity interest in Tianjin Port Container, the entire equity interest in Tianjin Port No. 2 Stevedoring, 51% equity interest in Haifeng Logistics and 40% equity interest in Euroasia International for a total of Rmb4,119.8 million.
  Tianjin Port Development also agreed to acquire from Tianjin Port Holdings the entire equity interest in Tianjin Port Tugboat for Rmb758 million.
  If the transaction is implemented, Tianjin Port Co will become the main operating platform of the Group's cargo handling and logistics business. After the completion of the transaction, the core competitiveness and business performance of Tianjin Port Co will be enhanced and improved through measures such as co-ordination of port facilities construction, centralised equity management and enhancement of management span, which stimulate synergies and integration benefits, on the basis of streamlining and intensifying management of resources.
  Tianjin Port Development intends to use the net proceeds as general working capital and/or funds for other potential investment opportunities in the future.