SDIC Communications Co., a wholly owned subsidiary of State Development and Investment Corporation (SDIC), a state-owned investment holding company, is selling its 12.32% stake in Nantong Port Group Co., Ltd. at CNY 191.4613 million.
Nantong Port Group, with registered capital of CNY 966 million, is 45% controlled by PYI Corporation Limited (SEHK: 0498), 42.68% held by Nantong State-owned Assets Investment Holdings Limited and 12.32% held by SDIC Communications. The venture has had total assets of CNY 2.20792 billion and net assets of CNY 1.08842 billion. It made CNY 541.4135 million revenues from major operations and CNY 52.3516 million net profits in 2007.
The other two shareholders have the priority to acquire the stake on sale.
The port group handled 20.169 million tons of cargo and 136,400 containers (TEU) during the first four months of 2008, up 9.8% and 15.9% from a year ago, respectively. Its major operational revenue rose 12% to CNY 234 million and revenues from loading and unloading grew 11% to CNY 200 million.
Nantong Port Group, with registered capital of CNY 966 million, is 45% controlled by PYI Corporation Limited (SEHK: 0498), 42.68% held by Nantong State-owned Assets Investment Holdings Limited and 12.32% held by SDIC Communications. The venture has had total assets of CNY 2.20792 billion and net assets of CNY 1.08842 billion. It made CNY 541.4135 million revenues from major operations and CNY 52.3516 million net profits in 2007.
The other two shareholders have the priority to acquire the stake on sale.
The port group handled 20.169 million tons of cargo and 136,400 containers (TEU) during the first four months of 2008, up 9.8% and 15.9% from a year ago, respectively. Its major operational revenue rose 12% to CNY 234 million and revenues from loading and unloading grew 11% to CNY 200 million.