More reshuffling is taking place among China port companies, with Xiamen Port Holding selling various assets to sister company Xiamen Port Shipping for RMB52m ($8.6m).
Xiamen Port Holding is a controlling shareholder of Xiamen International Port, which is in turn owns 10% of Xiamen Port Shipping.
These assets include a 90-metre long first phase berth, initially built in 2007, and the corresponding rear area of approximately 3605.68 square metres as well as a 64-metre long 2010-built steel barge and the corresponding ramp bridge, strut and site situated within the Songyu Port Area in Xiamen Port.
In considering the purchase Xiamen Internaional Port said: "The board is of the view that the entering into of the Asset Transfer Agreement is beneficial to the group and the shareholders as a whole given that the Asset Transfer will allow Xiamen Port Shipping to satisfy the increasing demand for tugboat services in the Haicang Port Area by securing a berth base."
It added: "The acquisition of the assets will also assist Xiamen Port Shipping in maintaining a stable long term development in the Haicang Port Area by providing enhanced services in a more cost-effective manner."
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