China Securities Journal reported that Wuhu Port Storage and Transportation won the nod of the China Securities Regulatory Commission for an assets purchase via private placement on October 20.

Wuhu Port plans to offer 167.6 million shares to Huainan Mining Industry at CNY 11.11 per share to purchase its railway transport and logistics assets. After the transaction is completed, Huainan Mining will become Wuhu Port largest shareholder with 32.02% holdings. The port company former largest shareholder will become its second largest shareholder with holdings of 30.08%.

The Anhui based port company specializes in transshipment of coal, containers large bulk cargo and general cargo. It owns the largest coal transshipment port on the Yangtze River and the largest foreign trade and container port in Anhui Province.

Wuhu Port lost CNY 615,000 in the first half of 2010.

(Sourced from China Securities Journal)