Chongqing Luohuang Port Co., Ltd. announced that it expects to receive CNY 200 million in funding from Chongqing Gangjiu Co.,Ltd
December 10, 2020
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Chongqing Luohuang Port Co., Ltd. announced that it will receive CNY 200,000,000 its equity round of funding from Chongqing Gangjiu Co., Ltd (SHSE:600279) on December 11, 2020. The company will receive CNY 10,000,000 in first quarter of 2021 and remaining CNY 100,000,000 in fourth quarter of 2021. The registered capital of the company will increase from CNY 602,167,800 to CNY 802,167,800. On closing, the investor will retain its 100% stake in the company. The transaction has been approved in the 29th meeting of 7th directorate on the company’s parent and does not need the shareholders’ approval.
Chongqing Port Co Ltd, formerly Chongqing Gangjiu Co Ltd, is a China-based company mainly engaged in commodity trading. The company operates two segments: Loading and Unloading, Logistics and Passenger and Freight Agency segment and Merchandise Trading segment. The Company is mainly engaged in port and terminal loading and unloading, warehousing, iron-water combined transportation and integrated logistics and other transit transportation services. The Company mainly conducts business within the domestic market.