Ningbo Port Group has completed the merger with Zhoushan Port Group, creating the world’s busiest port in terms of cargo tonnage with a combined annual throughput of 843.7 million tons.
In a Shanghai Stock Exchange (SSE) announcement issued on Monday night, Ningbo Port said that all relevant registration procedures for the merger had been completed at industrial and commercial administration authority and that the company’s shares would be continuously suspended from SSE as of September 29, 2015.
The new company is named Ningbo-Zhoushan Port Group Co., with its ownership divided between Ningbo and Zhoushan branches of the state-owned Assets Supervision and Administration Commission.
Ningbo-Zhoushan Port is located in China’s in Zhejiang province on the coast of the East China Sea.
The merger is part of Zhejiang government’s plan to integrate operations of the ports of Ningbo, Zhoushan, Jiaxing, Taizhou, and Wenzhou through the recently established port investment and development company.
World Maritime News Staff