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China's Tianjin Port dives on capex concerns

Mon Mar 16, 2009 10:19pm EDT

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HONG KONG, March 17 (Reuters) - Shares in Tianjin Port Development Holdings Ltd (3382.HK) plunged 11 percent on Tuesday on concerns its $1.4 billion merger deal with Tianjin Port Co Ltd (600717.SS) would require significant capital expenditure.

Tianjin Port, a unit of Tianjin Development Holdings Ltd (0882.HK), said on Monday it would pay a total of HK$10.96 billion ($1.41 billion) for 56.81 percent of the Shanghai-listed port operator. [ID:nHKG255513]

The stock dropped 11 percent to a low of HK$2.0. (Reporting by Alison Leung; Editing by Jonathan Hopfner)



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