COSCO Shipping Ports has announced it will acquire a 16.82% stake in Qingdao Port International (QPI), operator of China's sixth busiest port.
Shanghai China Shipping Terminal Development Co., Ltd. (SCSTD), a wholly-owned subsidiary of COSCO Shipping Ports, will pay CNY5.8 billion (US$844 million) for the shares in QPI, of which approximately CNY3.2 billion (US$465 million) will be settled by the transfer of a 20% equity interest in Qingdao Qianwan Container Terminal Co., Ltd. (QQCT) to QPI and the remaining approximately CNY2.6 billion (US$378 million) will be settled in cash.
COSCO Shipping Ports’ shareholding in QPI will increase to approximately 18.41% in total.
COSCO and QPI also announced to enter into the Strategic Cooperation Agreement: the parties expressed the intent of the following strategic co-operation in the future:
COSCO has been extending its port network with several large deals around the world in recent years.
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