Tianjin Port Development Holdings to pay $1.4 bln for Tianjin Port Co

Tianjin Port Development Holdings Ltd said on Monday it will pay $1.4 billion for a controlling stake in Shanghai-listed Tianjin Port Co Ltd .
Tianjin Port, a unit of Tianjin Development Holdings Ltd , will pay a total of HK$10.96 billion ($1.41 billion) for 56.81 percent of the Shanghai-listed port operator.
About HK$7.03 billion will be settled by the issue of Tianjin Port Development shares and the remaining balance will be paid by cash, it said in a statement.

Source: http://www.reuters.com