China-focussed Hong Kong-listed ports operator China Shipping Ports (CSP) has agreed to take a bigger stake in Qingdao Port International, the main operator at Port of Qingdao, through a combination of cash and a share swap, the company said in a stock market announcement.
Through its Shanghai China Shipping Terminal Development unit, CSP is buying an additional 16.8% stake in QPI for RMB5.8bn ($841.9m), adding to its current 2.0% stake. Of this RMB3.2bn will be paid for with the divestment of its 20% stake in Qingdao Qianwan Container Terminal and the remaining RMB2.6bn will be paid for in cash.
The two companies also agreed to further deepen their cooperation towards developing the Port of Qingdao into an international shipping hub in northeast Asia, co-invest in overseas terminals including at the Khalifa Port Container Terminal II project in Abu Dhabi as well as the setting up of terminal project management companies to cooperate in the management and operation of projects in China and overseas.
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