Shanghai: Lianyungang Port Co., Ltd is to set up its own finance company with main shareholder Lianyungang Port Group to improve capital operation.
Liangyungang Port said that to enhance capital management, improve capital using efficiency, expand financing channels and increase investment benefits, the company decided to set up the jv with the Port Group, with total funds registered at up to RMB500m.
The moves comes just a month after Lianyungang port had announced the issue of RMB1bn worth of short-term bonds, with 20% of the funds used to replenish operating funds of subsidiaries, Lianyungang Port Engineering and Lianyungang Port Logistics.[19/12/12]
