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|  | | PYI purchases 51% interest out of Yichang Port |
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¡¡¡¡Sep 5th, PYI Corporation Limited (PYI) announced it had acquired a 51% interest in Yichang Port Group with RMB 149 million, and the formal agreement on investing into the reorganisation Yichang Port Group was signed with the city of Yichang on Sep. 2nd.
¡¡¡¡According to Liu Gaoyuan, Vice President and Chief Executive of PYI, after completing this reorganisation, Yichang Port Group will be able to bring in immediate profits for PYI. At present, with the existing 45% share of the Nantong Port project, PYI now enjoys a 13%-14% market share along the Yangtze River ports. Afterwards, following the new equity acquisition, its market share will be furthered enlarged and Nantong Port is expected to seize 30-40% of the market along the Yangtze.
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