Ningbo Port spins off subsidiary

Shanghai: Ningbo Port Group announced yesterday that the board has agreed a proposal to split its 90% owned subsidiary Ningbo Meishan-Island International Container Terminal Co (NMICT), into two companies.

Ningbo Port Group will spin off a new company from NMICT with a registered capital of RMB750m, to operate No.3-No.5 container terminals at Meishan Bonded Port Area, while NMICT will operate No.1 and No.2 container terminals. [16/04/14]

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