Tianjin Port Development to sell assets for RMB161.6m

Tianjin Port Development Holdings (HKEX: 3382) announced that its subsidiary, CNAF Terminal Co, has entered into an Assets Transfer Agreement with Beijing-Tianjin-Hebei Logistics. Under the agreement, CNAF Terminal Co. will transfer target assets, including inventories, fixed assets, and land use rights, for a consideration of RMB161,624,200 (tax exclusive). The target assets were offered through a public listing process and Beijing-Tianjin-Hebei Logistics, as the bidder, succeeded in the open bid. The board expects the Group to record a one-off loss of approximately RMB72.08 million upon completion of the transfer. Proceeds from the sale will be used to repay CNAF Terminal Co’s loans from banks and financial institutions and for daily operations. The transaction constitutes a discloseable transaction under the Listing Rules.