Pan-United unit acquires cargo port facility firm

MAINBOARD-listed Pan-Uni-ted Corp (PUC) has acquired 90 per cent of Changshu Changjiang International Port (CCIP), a multi-purpose port located along China's Yangtze River, for 436.5 million yuan (S$90.8 million).

PUC, through its 85.5 per cent owned unit, Changshu Xinghua Port (CXP), signed an agreement for the acquisition from Changshu Binjiang Urban Construction Investment & Management (CBUC) on Tuesday following an open tender. CBUC will retain a 10 per cent stake in CCIP. The purchase is expected to be completed by March 25.

CXP expects to finance its purchase of CCIP with cash and bank borrowings.