Zhuhai Port  plans to fully acquire two subsidiaries belonging to its parent, Zhuhai Port Holding Group; Zhuhai Port and Logistics Investment Development and Zhuhai Hangwu International Shipping Agency, for 280 million yuan, reports {非本站网址}, citing a company filing.
Port and Logistics Investment Development has a registered capital of 161.47 million yuan and owns four subsidiaries and affiliates. The listed company will expand its port logistics business through the acquisition.
The acquisition of Zhuhai Shipping Agency will help the listed company to strengthen its competitiveness in the shipping agency services and freight forwarding business. It will also eliminate horizontal competition between Zhuhai Port and the two target companies.
Zhuhai Port had acquired seven logistics companies from its parent group in 2010.
For the first three quarters, Zhuhai Port recorded a 47 percent year-on-year increase in earnings from its port logistics and auxiliary businesses.