Shanghai: Jiangsu Lianyungang Port has announced that it has decided to dissolve and liquidate its loss-making subsidiary Lianyungang Xindongrun Port Terminal Co.
Lianyungang Xindongrun Port Terminal was jointly established by Lianyungang Port and China Shipping Terminal Development in 2007. China Shipping Terminal Development sold its 49% equity shares to Lianyungang Port in December 2014.
China Shipping Terminal Development exited another joint venture with Lianyungang Port prior to this, selling its 55% stake in Lianyungang New Oriental Container Wharf in 2013.
Lianyungang Port said the Xindongrun Port Terminal has been suffering from losses since establishment and has little room for business expansion, which has led to the dissolving of the subsidiary.