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CDB International to Offload Nearly 5% Stake in Logistics Warehouse Operator; Shares Rise 11%

MT Newswires ·  {{timeTz}}

01:51 AM EDT, 06/01/2022 (MT Newswires) -- China Development Bank or CDB International Investment (HKG:1062) is offloading its entire 4.82% equity interest in PG Logistics Property Investment via a listing-for-sale process on the Shanghai United Assets and Equity Exchange.

The base price is 192.8 million yuan ($29 million), which was determined based on the market valuation of PG Logistics as assessed by China Tong Cheng Assets Appraisal, according to a Wednesday disclosure.

PG Logistics fully owns PG Investment, a logistics warehouse infrastructure operator in mainland China.

CDB said the disposal would improve its financial position as it expects to realize a capital appreciation from the sale.

Shares of the securities investor surged almost 11% in afternoon trade.

Price (HKD): $0.09, Change: $+0.01, Percent Change: +10.84%

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