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CSGPC participate in a new logistics company

ĦĦĦĦAugust 13th, Changjiang Shipping Group Phoenix Co., Ltd. (CSGPC) announced that, to further consolidate and expand the heavy steel ore transport market share, effectively avoid business risks and achieve powerful combination as well as industries' complementary extension, CSGPC has determined to invest in establishing the Chongqing New Port Changlong Logistics Co., Ltd.
ĦĦĦĦIt is reported that Chongqing New Port Changlong Logistics Co., Ltd. is jointed supported in cash investment by 5 companies including Chongqing Iron & Steel (Group) Co., Ltd. and CSGPC, etc. Of which, CSGPC inputs RMB 22.4 million, accounting for 28% the equity. According to the calculation about expected benefits, the new logistics company will make an annual pre-tax profit of about RMB 10 million. Meanwhile, CSGPC has decided to page the canal operations related assets and liabilities off, whose net book value is of approx. RMB 30 million, and invest it into the Changjiang Shipping Group Phoenix (Nanjing) Co., Ltd.

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