Dalian Port plans to buy an 18.9 percent stake in Jinzhou Port for about 1.91 billion yuan to become its second-biggest shareholder and a strategic partner, Jinzhou Port said yesterday.

Jinzhou Port will sell 246 million new shares to Dalian Port at 7.77 yuan each and will use the proceeds to expand port capacity and repay bank loans, the firm said in a statement to the Shanghai Stock Exchange.

The partnership between the port operators, both based in Northeast China's Liaoning province, will help to improve Jinzhou Port's finances and bolster its competitiveness, the statement said.

(China Daily)