Dalian: Tianjin Port announced that its subsidiary China Ocean Shipping Agency Tianjin (PENAVICO Tianjin) has signed an equity transfer agreement with Tianjin Port International Logistics Development (TPL).
Under the agreement, TPL will transfer all its 35% equity in Tianjin PENAVICO Logistics to PENAVICO Tianjin for RMB7.8m.
Tianjin PENAVICO Logistics is the joint venture between PENAVICO Tianjin and TPL. It will become the fully controlled subsidiary of PENAVICO Tianjin upon completion of the deal. Tianjin Port said the deal will further optimize the investment structure of PENAVICO Tianjin. [05/09/14]