Chu Kong Shipping Enterprises (Group) (HKG:0560) agreed to form a joint venture with Baowu Group Zhongnan Iron and Steel for the investment, development, and operation of the Longtouzhai Port in China's Shaoguan City, a Monday Hong Kong bourse filing said.
The intended name for the JV company is Shaoguan City Longtou Port, which will mainly be engaged in the comprehensive logistics business, including transportation and wharf handling of iron ore, steel, and mining construction materials after the development phase.
The company will contribute 166.6 million yuan out of the 340.0 million yuan registered capital of the JV, giving it a 49% shareholding.
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