Shares of Sinotrans Ltd. surged on Monday after the logistics company's controlling shareholder announced plans to significantly increase its stake in the firm.
China National Foreign Trade Transportation Corp., the parent company of Sinotrans, applied for a 300 million yuan ($42 million) loan from China Merchants Bank. According to a filing on the Shanghai Stock Exchange, the loan will be used to fund the purchase of additional Sinotrans shares worth between 250 million yuan and 500 million yuan within the next six months.
The parent company plans to buy Sinotrans shares at a maximum price of 7.43 yuan each, as it looks to boost its holdings in the Hong Kong and Shanghai-listed logistics firm. The news fueled investor optimism, sending Sinotrans' stock soaring over 4% higher in Hong Kong trading and up 3% in Shanghai on Monday.
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