PYI Corporation Limited announced that it has completed the injection of a total sum of RMB114 million (HK$130 million) for the 51% equity interest.
PYI Corporation Limited, a bulk cargo port and infrastructure operation group, announced that it has completed the injection of a total sum of RMB114 million (HK$130 million) for the 51% equity interest, following which Yichang Port Group becomes a subsidiary of PYI.
Tom Lau, Managing Director of PYI, said, We are pleased with the completion of this investment in Yichang Port Group, which represents another key step in extending our port network with the upper stream of the Yangtze. We are confident in capturing the opportunities from the surge in domestic demands and in delivering our Yangtze Strategy in the long run.
Yichang Port Group is principally engaged in transport logistics and properties investments, providing transportation, cargo loading and discharging, storage, shipping agent, cargo agent, port logistics and port equipment rental services in Yichang Port, which is situated on the Yangtze River near the Three Gorges Dam in Yichang, Hubei Province. It is one of the eight largest ports on the Yangtze River.
Yichang Port Group is the leading port and terminal operator at Yichang Port, who owns the shoreline of 11 km and engages in bulk cargo and containers handling, storage, shipping agency, travel, commerce, logistics and property, etc. Throughput of bulk cargo of Yichang Port Group was over 7 million tonnes and that of containers was 31,000 teu in 2007.