China Merchants Port Group Co., Ltd. completed the acquisition of 5% stake in Zhanjiang Port Co., Ltd from Guangdong Waiyun Co., Ltd.
January 03, 2019
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China Merchants Port Group Co., Ltd. (SZSE:201872) signed the equity transfer agreement to acquire 5% stake in Zhanjiang Port (Group) Co., Ltd from Guangdong Waiyun Co., Ltd. for approximately CNY 380 million on January 2, 2019. As per the terms, China Merchants will acquire 201 million shares and consideration for the transfer of shares will be paid in two phases. First installment will be CNY 112.6 million and the second installment will be CNY 262.7 million. China Merchants Port Group shall pay the first-time conversion consideration to the bank account previously designated in one-off or fractional time within 5 business days after the entry into force of this agreement and second installment will be paid on the date of delivery of underlying equity. The transaction has been approved by the 2019, 1st extraordinary meeting of the 9th directorate of China Merchants Port Group.
China Merchants Port Group Co., Ltd. (SZSE:201872) completed the acquisition of 5% stake in Zhanjiang Port (Group) Co., Ltd from Guangdong Waiyun Co., Ltd. on January 4, 2019.
China Merchants Port Group Co Ltd, formerly Shenzhen Chiwan Wharf Holdings Ltd, is a China-based company primarily engaged in the provision of port services. The Company's business is divided into four parts. Port business includes port investment, port operations, loading, unloading and handling of bulk cargo and yard storage operations in the port area. The comprehensive development business provides services such as warehouse/yard leasing, warehouse/yard loading and unloading operations, customs declaration, station deconsolidation, multimodal transport, logistics transportation, and warehousing value-added services. The smart technology business focuses on smart port solutions, smart port open platforms, and smart port technology operations. The ecological extension business promotes collaboration and cooperation between the upstream and downstream of the port logistics value chain by integrating port ecological service resources.