Sinotrans' Controlling Shareholder Seeks Loan to Increase Stake; Shanghai Shares Up 4%
MT Newswires Live2024-10-21
Sinotrans' (HKG:0598, SHA:601598) controlling shareholder, China National Foreign Trade Transportation Corp., applied for a 300 million yuan loan to increase its company holdings, according to a Shanghai Stock Exchange filing on Sunday.
The shareholder sought the loan from China Merchants Bank (HKG:3968, SHA:600036).
The parent planned to raise its stake in the logistics company by about 250 million yuan ti 500 million yuan within six months. Each share will be priced at up to 7.43 yuan, the filing said.
Shares of the company jumped more than 4% in Hong Kong and rose 3% in Shanghai recently.
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