Shanghai-listed Tangshan Port, a major port in Hebei, has released a restructuring plan after suspending share trading for nearly three months.
The port plans to issue new shares to raise about RMB2.15bn ($326.8m) for the acquisition of a 30% stake of Tangshan Jinhang Dredging Engineering, 18.58% of Tanggang Railway Company and 10% of Caofeidian Industrial Company, plus some land assets from its parent company Tangshan Port Industrial Group.
Presently, the port mainly operates in bulk shipping and storage and is one of major iron ore and coal ports in North China.
Tangshan Port said it plans to expand its business to the container sector after the restructuring, including the development of a new container terminal which will be a significant step in the transformation of the port.
Tangshan Port handled 113.28m tons of cargo in the first three quarters of 2015, showing year-on-year growth 7.36%.
