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