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Dalian Port to buy $280m stake in Jinzhou Port

Dalian Port to buy $280m stake in Jinzhou Port

Shanghai: Dalian Port plans to buy an 18.9% stake in Jinzhou Port for about 1.91 billion yuan ($278m) to become its second-biggest shareholder and a strategic partner, Reuters has reported.

Jinzhou Port will sell 246m new shares to Dalian Port at 7.77 yuan each and will use the proceeds to expand port capacity and repay bank loans, the firm said in a statement filed with the Shanghai Stock Exchange.

Both port operators are based in northeast China's Liaoning province and a tie-up would bolster their financial resources and competitivess.

Jinzhou Port's shares have been suspended on the Shanghai Stock Exchange since May 28 and last closed at 9.03 yuan, for a gain of more than 8% since the start of the year.  [26/06/08]