Guangdong Zhongnan Iron & Steel (000717.SZ) plans to sell the construction project of Longtouzhai Wharf to generate funds.
Zhongnan Group (000717.SZ) announced that the company plans to transfer the construction project of Longtouzhai Pier, which is under construction, to Baowu Group's subsidiary Shaoguan Zhongnan Port Shipping Co., Ltd., a controlling subsidiary of Zhongnan Iron and Steel Co., Ltd. The company intends to sign a "Transfer Agreement for the Construction Project of Longtouzhai Pier" with Zhongnan Port Shipping. The transaction price for this transfer is RMB 53.5441 million (excluding value-added tax). By transferring the construction project of Longtouzhai Pier, the company can obtain asset appreciation, recover cash flow, reduce investment expenditure, and increase efficiency for the company.
Guangdong Zhongnan Iron & Steel (000717.SZ) announced that the company plans to transfer the construction project of Longtouzhai Port, which is under construction, to its controlling shareholder Baowu Group's subsidiary Shaoguan Zhongnan Port Navigation Co., Ltd. (referred to as "Zhongnan Port Navigation"). The company plans to sign a "Transfer Agreement of Construction Project of Longtouzhai Port" with Zhongnan Port Navigation, with a transaction price of 53.5441 million yuan (excluding value-added tax). By transferring the construction project of Longtouzhai Port, the company can realize asset premium, recover cash flow, reduce company investment expenditure, and increase company benefits.
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