Zhangzhou Kibing Glass and Dongshan RTA have reached an agreement to construct a 3 DWT public wharf located in Zhangzhou port, with total investment of RMB 400 million.
Zhangzhou Kibing Glass, a wholly owned subsidiary of Kibing Group, has reportedly reached an agreement with Dongshan RTA on public wharf construction. The two parties are said to have signed an agreement to construct a 3 DWT public wharf located in Zhangzhou port.
According to the announcement, Dongshan RTA should provide subsidy funds of RMB 84 million for supporting facilities of the project and Kibing Glass will be responsible for the overall construction of the 3 DWT public wharf, with total investment of RMB 400 million.
According to the accounting policy of Zhangzhou Kibing Glass, the government subsidy will be recorded in the profits and losses of the company in stages after the wharf reaches the expected conditions for use. The subsidy will have a positive effect in the company’s profit and loss during the operating period of from 2014 to 2034.