Dafeng Port (08310) announced that on November 30, 2023, the company was indirectly wholly affiliated with Jiangsu Yancheng Port...
According to the Zhitong Finance App, Dafeng Port (08310) announced that on November 30, 2023, the company's indirect subsidiary, Jiangsu Yancheng Port and Shipping International Trade Co., Ltd., plans to sell 40% of the shares of Jiangsu Yancheng Port Hairong Petrochemical Terminal Co., Ltd. (previously known as Jiangsu Hairong Dafeng Port Oil & Chemical Terminal Co., Ltd.) to Dafeng Port Development and Construction Co., Ltd., at a cost of RMB 98.56 million.
Upon completion, the group will no longer hold any shares in the target company. The target company is mainly engaged in the business of providing integrated logistics processing services.
After considering the current financial performance and challenging operating environment of the Group and the target company, the Board of Directors believes that the sale will allow the Group to realize its investment in the target company while having a one-time impact to improve the Group's financial position. The sale also enabled the Group to allocate resources to develop and strengthen the Group's other existing businesses.