Posted on July 15, 2024
Qingdao Port International said on Friday it agreed to purchase assets from Rizhao Port and Yantai Port for 9.44 billion yuan ($1.30 billion) as part of its restructuring efforts.
Additionally, Qingdao Port said it is seeking to raise an additional 2 billion yuan through the issuance of new class A shares.
Hong Kong-listed Qingdao Port is purchasing the entire stake in Rizhao Port Oil Terminal, a 50 per cent stake in Rizhao Shihua Crude Oil Terminal Co, a 53.9 per cent stake in Shandong United Energy Pipeline Transportation and a 51 per cent stake in Shandong Gangyuan Pipeline Logistics, on a conditional basis.
The company will pay 4.81 billion yuan by issuing around 697.3 million class A shares, and 4.63 billion yuan will be paid in cash, Qingdao Port said.
These steps are subject to shareholder approval as per the Hong Kong listing rules.
($1 = 7.2518 Chinese yuan renminbi)
