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Cosco Shipping Holdings to boost shareholding in Qingdao Port

Author: Posttime:2017-01-25 10:19:50

TO pave the way for Cosco Shipping Ports to increase its shareholding in Qingdao Port International (QPI) the partners have entered into a Transaction Agreement.

Taking the proposed New H Share Issuance plan of QPI into consideration, the subscription shares will represent 16.82 per cent of the issued share capital of QPI, and Cosco Shipping Ports' shareholding in QPI will rise to 18.41 per cent in total, New York's Marine Link. 
Shanghai China Shipping Terminal Development Co Ltd (SCSTD), a wholly-owned subsidiary of Cosco Shipping Ports, will subscribe for 1,015,520,000 non-circulating domestic shares in QPI at a total consideration of CNY5.8 billion (US$846.74 million) - equivalent to CNY 5.71 per share) - of which CNY3.2 billion will be settled by the transfer of a 20 per cent equity interest in Qingdao Qianwan Container Terminal Co Ltd (QQCT) to QPI and the remaining CNY2.6 billion will be settled in cash. 
Cosco Shipping Ports and QPI will also enter into the strategic cooperation agreement on the same date. The parties expressed the intent of the following strategic co-operation in the future:
Further deepening co-operation towards developing the Port of Qingdao into an international shipping hub in northeast Asia; co-investing in overseas terminal projects (including the Khalifa Port Container Terminal II project in Abu Dhabi); and setting up terminal project management companies) to co-operate in the businesses of management and operation of PRC and overseas terminal projects of Cosco Shipping Ports agreed by the parties. 
For Cosco Shipping Ports, the increased investment in, and the subsequent strategic co-operation with QPI will strengthen the company's leading position in the greater China region, which is in line with the company's strategy of enhancing control over terminal assets. 
source:www.schednet.com
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