Tianjin Port Development Unit to Offload Tanggu Terminal Assets; Shares Slide 2%

MT Newswires Live

Jun 24

Tianjin Port Development Holdings (HKG:3382) said its subsidiary CNAF Terminal agreed to sell inventories, fixed assets, and land-use rights at its Tanggu terminal to Beijing-Tianjin-Hebei Logistics for 161.6 million yuan, according to a Monday Hong Kong bourse filing.

Shares of Tianjin Port Development were down about 2% in Tuesday afternoon trade.

The assets had a net book value of 238.4 million yuan and an appraised value of about 230.9 million yuan as of Oct. 31, 2024. The sale is expected to result in a one-off post-tax loss of around 72.1 million yuan.

Proceeds will be used to repay loans and support daily operations at the CNAF Terminal. The board said the sale would help improve the group's capital structure and overall profitability, according to the filing.

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