Sinotrans to Raise Stake in Freight Company Antong Holdings

MT Newswires Live

08/04

Sinotrans (HKG:0598, SHA:601598) plans to increase its shareholding in freight company Antong Holdings (SHA:600179) for an amount of between 300 million yuan and 600 million yuan, according to a Hong Kong bourse disclosure on Saturday.

The Chinese state-owned logistics and shipping services provider's Hong Kong and Shanghai shares both rose less than 1% during midday trade. Antong's shares also rose less than 1%.

The acquisition, which will be priced at 3.2 yuan per share, will be implemented within 12 months.

Currently, the company, through subsidiaries Sinotrans Guangdong Shipping and Sinotrans Xiamen Greating-Fortune Refrigeration Engineering, owns 0.0039% of Antong.

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