Cosco Shipping Ports Boosts Its Stake in Qingdao Port

Image Courtesy: Qingdao port

China-based Cosco Shipping Ports Limited has decided to increase its stake in Qingdao Port International (QPI) to 18.41%.

Taking the proposed New H Share issuance plan of QPI into consideration, the subscription shares will represent 16.82% of the issued share capital of QPI, increasing Cosco Shipping Ports’ shareholding in QPI to 18.41%.

Shanghai China Shipping Terminal Development Co., Ltd. (SCSTD), a subsidiary of Cosco Shipping Ports, will subscribe for over 1 billion non-circulating domestic shares in QPI at a total consideration of RMB 5.8 billion (USD 846 million), of which RMB 3.2 billion will be settled by the transfer of a 20% equity interest in Qingdao Qianwan Container Terminal (QQCT) to QPI and the remaining RMB 2.6 billion will be settled in cash.

Additonally, the parties agreed to cooperate to further develop the port of Qingdao into an international shipping hub in Northeast Asia and co-invest in overseas terminal projects, including the Khalifa Port Container Terminal II project in Abu Dhabi.

They also agreed to set up a terminal project management company to cooperate in the businesses of management and operation of PRC and overseas terminal projects of Cosco Shipping Ports agreed by the parties.

Cosco Shipping Ports said that “increasing the investment in QPI is a meaningful step in realising the company’s strategy of sharpening its competitive edge and creating greater value.”

The increased investment in, and the subsequent strategic co-operation with QPI, are also expected to strengthen the company’s position in the Greater China region.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Maritime Information Warfare 2017

Maritime Information Warfare will focus on the growing need for navies to develop their information exploitation capabilities…

read more >

INTERNATIONAL GREEN SHIPPING AND TECHNOLOGY SUMMIT

The Summit will gather key marine experts and companies around the globe which have a big influence in the industry…

read more >

The CWC 18th Annual World LNG Summit & Awards Evening

The CWC World LNG Summit will continue to give you access to premium networking opportunities as it brings together the who’s who…

read more >

Marintec China 2017

The largest maritime event in Asia Pacific, Marintec China connects maritime professionals from the entire shipbuilding supply chain together.

Over the years, Marintec China has grown to reflect the size and importance of the Asian maritime market. 2015 event is another record-breaking edition with the largest exhibition area and the highest number of industry professionals attending ever. The encouraging figures proven that China remains one of the major shipbuilding nations and Marintec China has been the most authoritative platform in Asia.

With the maritime industry facing great opportunities but also many challenges, it is important for the industry to connect and engage more to ultimately win new business in globally-significant markets. A visit to Marintec China is a great way to learn about the latest technology and innovation of the supply industry, a platform for industry professional to meet face to face, make connection and do business.

Marintec China is poised to be the definitive event and is undoubtedly a must-attend for all involved in the maritime industry.

Marintec China will be held from 5 to 8 December 2017 at the Shanghai New International Expo Centre in Shanghai, China and continue its dedication to serve as the “LEADING” platform “CONNECTING” the community and “STRENGTHENING” the maritime industry.

Marintec China offers the perfect opportunity for companies serving the maritime market to showcase their innovations, products and services to a wide audience. A platform for face to face meetings in business, creating new relationships and consolidating existing ones.

More info

read more >