(Reuters) -Qingdao Port International said on Friday it agreed to purchase assets from Rizhao Port and Yantai Port for 9.44 billion yuan ($1.30 billion) as part of its restructuring efforts.
Additionally, Qingdao Port said it is seeking to raise an additional 2 billion yuan through the issuance of new class A shares.
Rizhao Port Oil Terminal
Hong Kong-listed Qingdao Port is purchasing the entire stake in Rizhao Port Oil Terminal, a 50% stake in Rizhao Shihua Crude Oil Terminal Co, a 53.9% stake in Shandong United Energy Pipeline Transportation and a 51% stake in Shandong Gangyuan Pipeline Logistics, on a conditional basis.
Hong Kong listing rules.
The company will pay 4.81 billion yuan by issuing around 697.3 million class A shares, and 4.63 billion yuan will be paid in cash, Qingdao Port said.These steps are subject to shareholder approval as per the Hong Kong listing rules.($1 = 7.2518 Chinese yuan renminbi)
Ship “NYK VENUS”,
On the otherhand , the fully automated container terminal at Qingdao Port achieved average efficiency of 52.7 units/hour for single crane during the handling operations of the ship “NYK VENUS”, setting a new world record for the eighth time.
“Chinese speed”for the eighth time
Previously the record set by the port in last August stood at 52.1 units/hour. The Liangang Innovation Team achieved self break-through and showed “Chinese speed” with the highest record
Qingdao Port’s fully automated container terminal broke the world record for the eighth time, injecting a booster for the vast number of shipping companies and customers with the strength of science and technolo
About: Qingdao Port Authority
The Port of Qingdao commenced operations in 1892 and is one of the largest comprehensive ports in the world.
Port Authority of the People’s Government of Qingdao, in August 1949. After several rounds of internal reorganization, this entity was renamed as Qingdao Port Authority in 1987 and was under the administration of the People’s Government of Qingdao and the Ministry of Transport, with the People’s Government of Qingdao being the main governing authority
First time in the history
Throughput of the Port of Qingdao exceeded 200 million tons for the first time in our history 2008 Throughput of the Port of Qingdao exceeded 300 million tons and its container throughput exceeded 10 million TEUs for the first time in the history
Numbers and numbers
Container throughput exceeded 14 million TEUs, ranking eighth in the world in terms of total container throughput 2013
The Company was established as a joint stock company with limited liability by the Controlling Shareholder and five other promoters
