Fairyoung subsidiaries in Xiamen harbour deals
Fairyoung Holdings has announced that three subsidiaries have entered into a joint-venture agreement to develop, construct and operate berths No 13 and 14 at Dongdu Harbour in Xiamen Special Economic Zone.
Investment in the two berths is 500 million yuan (about HK$465 million).
The pact was entered into with Xiamen Xiangyu Free Trade Zone Construction Co and Xiamen Port Bureau to form the Xiamen Xiangyu Free Trade Zone Huijian Quay Co.
The joint-venture company has a registered capital of 166.7 million yuan. Its scope of business includes loading and unloading of cargo, tax-free warehousing services, cargo transshipment and customs declaration services.
Fairyoung's three subsidiaries, Fortune Well Enterprises, Lizan Development and Fairyoung (Xiamen) Port Investments, will each own 20 per cent while the Chinese parties will hold the remainder.
The three companies are wholly owned subsidiaries of Fairyoung Port Investments (Holdings), which is a 51-per cent subsidiary of Rite Choice.
Fairyoung Holdings indirectly holds about 84 per cent of Rite Choice.