BEIHAI, a port on the Beibu Gulf (Gulf of Tonkin) in southwest China's Guangxi Autonomous Region, has been approved by the China Securities Regulatory Commission to start asset reorganisation, Xinhua reports.

Port of Beihai first started assets reorganisation in 2008, in which the port would acquire its assets from its parent company Guangxi Beibu Gulf International Port Group.

But the reorganisation was suspended in early 2009 due to shareholders' failure to discuss and approve the plan before deadline. In January 2012, the reorganisation was resumed.

The reorganisation will issue 690 million shares to acquire 100 per cent stake in both Guangxi Beibu Gulf International Port Group and Fangcheng Port Group, and 57.57 per cent's stake in Beibu Gulf Towing Co Ltd. According to assessment, the assets are worth CNY5.18 billion (US$853 million), including forty-two 10,000-tonne deepwater berths.

The Port of Beihai said they will boost further development of the harbour, the waterfront industries and its logistics services after the assets reorganisation.

Founded in 1989, port of Beihai handles containers, bulk cargo and also offers passenger service. It operates a shipping network covering 218 ports in 98 countries.