The port of Xiamen signed an agreement last week with its non wholly-owned subsidiary of Xiamen port development to purchase 75% stake in Shishi Hua Chun and Qiu Yitian, with a total cost of about 205 million yuan (the same below).
Upon completion, Shishi Hua Kam will be held by Xiamen port development, Huabao and Qiu Yitian, respectively, 75%, 15% and 10%. Shishi China Jinze for Xiamen port Affiliated Companies. In addition, the proportion of equity capital after the acquisition of cash to invest in Shishi Warburg increased to 600 million yuan.
Shishi Jinshang Huajin is mainly engaged in the Quanzhou bay port area operation area of investment, construction and terminal management.
The Board believes that the acquisition will enable the group to strengthen its investment in the surrounding ports, thereby strengthening its port related key business core strengths and competitiveness.