Rizhao Port’s acquisition of a 24-percent stake in Rizhao Lanshan Wansheng Port was approved by the Fiscal Bureau of Rizhao, reports Yicai.com, citing a company filing.
Rizhao Port previously announced it would spend 34.37 million yuan to acquire five percent equity in Rizhao Lanshan Wansheng Port from Hong Kong Xianghe International and an additional 19 percent in the firm from Rizhao Dexing International Trade for 131 million yuan.
Ultimately, Rizhao Port and Able Winner International signed agreements to reorganize Lanshan Wansheng Port at some point in the future, leaving each holding 50 percent stakes in it.
Rizhao Port previously announced it would spend 34.37 million yuan to acquire five percent equity in Rizhao Lanshan Wansheng Port from Hong Kong Xianghe International and an additional 19 percent in the firm from Rizhao Dexing International Trade for 131 million yuan.
Ultimately, Rizhao Port and Able Winner International signed agreements to reorganize Lanshan Wansheng Port at some point in the future, leaving each holding 50 percent stakes in it.