Hong Kong: Sinotrans' wholly-owned subsidiary is spending approximately HK$227.8m ($29.3m) to buy a stake in AIM-listed InterBulk. The deal will give Sinotrans HKL a 35% stake in the tank-container company, which supplies intermodal logistics solutions for the movement of liquid and dry bulk materials.
Sinotrans HKL will subscribe to 165m shares of InterBulk by way of a cash placing. “Sinotrans views the proposed placing to be a strategic investment consistent with its development strategies of its chemical logistics business,” Sinotrans said in a statement to the Hong Kong Stock Exchange.
Dealings in the placing shares are expected to commence on 8 June and no later than 30 November this year.
Source : STA Online, 23.05.11.
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