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|  | | Chongqing Gangjiu to buy port from parent |
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¡¡¡¡June 23rd, Chongqing Gangjiu, a port operator in central Chongqing city, said that it plans to acquire its parent¡¯s entire port assets worth as much as RMB1.5 billion (USD 299.0 million).
¡¡¡¡Gangjiu plans to sell 144 million shares at a minimum of RMB 10.4 apiece to its parent, Chongqing Port & Logistics Group, and use the proceeds to buy the assets, the company said in a statement to the exchange. Chongqing Gangjiu¡¯s shares last closed at RMB 11.3.
¡¡¡¡The move would strengthen Gangjiu¡¯s finances and improve its profitability, it said in the statement.
¡¡¡¡Gangjiu¡¯s profit jumped 57.8% to RMB 55.8 million last year while sales grew 31.7 % to RMB 415 million.
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