Shanghai port says to delist unit in October

SHANGHAI, Sep 22 (Reuters) Shanghai International Port (Group) Co. Ltd., China's biggest port, will delist its unit Shanghai Port Container Co. Ltd. , a cargo services operator, in October, it said on Friday.

The parent will issue 2.422 billion A-shares to buy out the unit and list as a group soon thereafter, it said in a statement. All new shares issued will be used to swap with existing shares in the listed unit at a proportion of 4.5 shares new shares versus one existing share, and no proceeds will be raised.

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