Tianjin Port plans to buy parent?s assets

Tianjin Port, the operator of the busiest port in northern China, says it has received "conditional" regulatory approval for a private share placement to buy assets worth 4 billion yuan from its parent.
In May, it said it planned to issue up to 226 million new A-shares to acquire berths and the container handling business from its state-owned parent, Tianjin Port.
The China Securities Regulatory Commission approved the deal on Friday, with some conditions. The acquisitions could add over 390 million yuan to its 2007 profits.