Shenzhen Chiwan Wharf to acquire stake in China Merchants Port Holding
China Merchants Port said Shenzhen Chiwan Wharf Holdings Limited and China Merchants Investment Development Company Limited (CMID) have entered into an agreement for Shenzhen Chiwan's acquisition of 1,269 million shares in China Merchants Port, representing CMID's entire interests, for Rmb24,650 million.
The consideration will be settled by Shenzhen Chiwan by issuing 1,149 million A shares (representing around 64.05% of the enlarged total issued capital of Shenzhen Chiwan) to CMID.
Upon completion, Shenzhen Chiwan will be holding about 38.7% of the total issued share capital of China Merchants Port directly and together with the acting in concert agreement, Shenzhen Chiwan will be able to consolidate China Merchants Port as a subsidiary of Shenzhen Chiwan and China Merchants Group Limited will be holding around 87.8% of the total issued share capital of Shenzhen Chiwan indirectly and will remain as the ultimate controlling shareholder of China Merchants Port.
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