Mitsui, Chinese firms sign a deal

Mitsui, Chinese firms sign a deal

SHANGHAI:Japan's Mitsui & Co. recently signed a letter of intent with four Chinese companies to set up a cold storage and transportation joint venture in Shanghai, one of its Chinese partners said over the weekend.

In a statement, Shanghai-based Dazhong Transportation (Group) Co. said Mitsui and its China unit have agreed to jointly invest US$2.4 million for a 30 percent stake in the $8 million joint venture.

Dazhong Transportation and its leasing unit will invest $2.64 million for a 33 percent stake, while Shanghai New Asia Group and its unit will invest $2.96 million for a 37 percent stake.

The company will be the first Sino-foreign cold storage and transportation company in Shanghai. -- Dow Jones