Lianyungang inks financing deals with ICBC Leasing and Bocomm Leasing

Shanghai: Lianyungang Port Company has announced that it has signed financial leasing deals with ICBC Leasing and Bocomm Leasing to secure RMB400m in total.

According to the agreements, Lianyungang Port will sell some port equipment to ICBC Leasing and Bocomm Leasing under leaseback terms to get RMB250m and RMB150m respectively. Lianyungang Port will purchase the equipment back at a nominal price of RMB1 after a leasing period of 60 months.

In the meantime, Lianyungang Port announced that it has gained approval from China Securities Regulatory Commission (CSRC) to issue RMB645m worth of bonds.

Lianyungang Port reported a net profit of RMB101.6m for the year of 2014, a year-on-year drop of 36.49%.