Dalian: Yingkou Port Limited yesterday announced that it has given up taking over the equity of Panjin Port from its controlling shareholder Yingkou Port Group.
Yingkou Port Group planned in 2012 that it will transfer all its shares in Panjin Port to its listed platform Yingkou Port Limited by the end of 2013 to avoid intra-industry competition.
Recently Yingkou Port Group has received a notice from Panjin government that the government has decided to close the current Hekou port area and liquidate Panjin Port Company.
The government explained that the current condition of the navigation channel can no longer meet the developing demand of Panjin Port and it will plan a new port area in the Liaodong Bay New Area. [01/11/13]