Qingdao Port International Development (Hong Kong) Co., Limited signed an equity transfer agreement to acquire approximately 30% stake in CSP Abu Dhabi Terminal L.L.C (Abu Dhabi Terminal) from COSCO SHIPPING Ports Limited (SEHK:1199) for approximately HKD 460 million on November 26, 2019. Pursuant to the terms of the agreement, Qingdao Port International will acquire 6,667 shares of CSP Abu Dhabi Terminal L.L.C. Upon completion of the Disposal, Abu Dhabi Terminal will be indirectly held as to approximately 60% by COSCO SHIPPING Ports Limited. The consideration for the acquisition will be financed by Qingdao Port International Development through internal cash resources. In view of the transaction, the contracting parties also entered into a shareholders’ agreement on November 26, 2019, which will come into effect on the date of closing. Closing is conditional upon the fulfillment of certain conditions if applicable. In addition, the transaction is also subject to relevant bank approvals, the agreement on relevant financing arrangement for the Abu Dhabi Terminal having been reached by relevant parties. The transaction has been approved by the 4th meeting of the 3rd directorate of the Qingdao Port International. There is no need for approval from the shareholders’ meeting of Qingdao Port International. The transaction is approved by the board of COSCO SHIPPING Ports Limited (SEHK:1199). The transaction is expected to complete no later than 4 months from the signing of the agreement. Qingdao Port International Development (Hong Kong) Co., Limited cancelled the acquisition of approximately 30% stake in CSP Abu Dhabi Terminal L.L.C (Abu Dhabi Terminal) from COSCO SHIPPING Ports Limited (SEHK:1199) on November 26, 2020.