Tianjin Port Development Sells 60% Stake in Zhongtie Storage and Transportation for RMB22.5 Million

Tianjin Port Development Holdings ( (HK:3382) ) has provided an announcement.

Tianjin Port Development Holdings has agreed to sell its entire 60% equity interest in Zhongtie Storage and Transportation, a subsidiary engaged in storage and transport services, to existing 40% shareholder Jutai Gongmao for RMB22.52 million, following a successful public bidding process on the Tianjin Property Rights Exchange Centre conducted under PRC regulations. Upon completion, Zhongtie Storage and Transportation will cease to be a subsidiary of the group, and while the transaction size makes it a discloseable and connected transaction under Hong Kong Listing Rules, it is conducted on normal commercial terms, has been approved by the board (including independent non-executive directors), and is exempt from shareholder approval, suggesting a streamlined restructuring of the group’s logistics asset portfolio with limited procedural hurdles for stakeholders; profits during the transition period will accrue to Tianjin Port Development while any audited losses will be borne by Jutai Gongmao.

The most recent analyst rating on (HK:3382) stock is a Buy with a HK$1.00 price target. To see the full list of analyst forecasts on Tianjin Port Development Holdings stock, see the HK:3382 Stock Forecast page.

More about Tianjin Port Development Holdings

Tianjin Port Development Holdings is a Cayman Islands–incorporated company engaged in port-related logistics and storage services through various subsidiaries, focusing on cargo handling, warehousing and transportation activities that support trade flows through Tianjin and surrounding regions in China.

Average Trading Volume: 1,437,668

Technical Sentiment Signal: Buy

Current Market Cap: HK$4.12B

For detailed information about 3382 stock, go to TipRanks’ Stock Analysis page.