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|  | | China Shipping Group to auction for RMB2.6 billion |
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¡¡¡¡Central government-controlled China Shipping (Group) Co said it plans to auction its entire 100% holding in China Shipping Terminal Development Co Ltd, setting a floor price of RMB2.6 billion. According to a statement published on the Shanghai United Assets and Equity Exchange, potential bidders should be state-owned or state firm-controlled container shipping companies with net assets of over RMB3.013 billion Potential bidders should also have container shipping volume of at least 1.65 million twenty-foot equivalent units (TEUs) at Shanghai port and no less than 1.3 million TEUs at Guangzhou port. ¡¡¡¡Shanghai-based China Shipping Terminal Development, which has registered capital of RMB2.04 billion, booked net profit of RMB10.7 million in 2007.The bid is designed for China Shipping Group's listed arm China Shipping Container Lines Company Ltd. |
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