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Qingdao Port to sell stacking yard space to subsidiary for $5m

Qingdao Port to sell stacking yard space to subsidiary for $5m
Qingdao Port International investment and port construction unit QDP investment has sold port assets, collectively North Third Jetty Asset II, to its 51%-owned subsidiary Datang Port for RMB36.0m  ($5.2m), the company said in a stock market announcement.

The assets form part of the stacking yard for berths  3 and 4 in the North Third Jetty, which were built and is being operated by Datang Port.

As the stacking yard is part of key infrastructure for the daily operation of the port and North Third Jetty, the purchase is essential to form a complete stacking yard and for the integrated operation and management of the stacking yard in the future, QDP said in giving its rationale for the sale and purchase.

Datang Port's purchase of North Third Jetty Asset II will meet its needs for stacking yard space for its berths and improve the overall operational efficiency of the berths, it added.