China Metal Recycling has signed an agreement to acquire 99.68 percent interest in Jiangyin Port Container Company for US$32.2 million, ET Net News reported.

Jiangyin Container is principally engaged in the business of the provision of port services, including warehousing, stevedoring and transportation of goods at the Jiangyin Port.

In addition, it also signed a cooperative agreement with major banks including Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank and Bank of Communications securing credit for a maximum of $512.7 million to support business development.