Shanghai: Shanghai International Port Group (SIPG) have announced that the board has approved to purchase RMB4.6bn worth of shares in Bank of Shanghai. The investment accounts for 92.56% of the total profit of SIPG in 2012.
A shipping analyst in Shanghai said both of the two companies are beneficiaries of the FTZ in Shanghai, and the move will strengthen the connection between the port and financing institutions in Shanghai.
Meanwhile, SIPG approved plans for its subsidiary Shanghai Guandong International Container Terminal Co to borrow RMB4bn via a bank loan. [10/12/13]
