Cosco Shipping Ports Boosts Its Stake in 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>

<< Jan 2019 >>
MTWTFSS
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 31 1 2 3

Singapore Maritime Week (SMW) 2019

very year, SMW gathers the international maritime community for a week of flagship conferences…

read more >

Maritime Reconnaissance & Surveillance Technology

Now in its 4th successful year, Maritime Reconnaissance & Surveillance Technology is the only event that specifically.

read more >

2nd CWC Japan LNG & Gas Summit

The highly successful CWC Japan LNG & Gas Summit returns for a second year…

read more >

GREENTECH IN SHIPPING GLOBAL FORUM

The mindset of sustainability and efficiency is the key to unlocking successful business…

read more >