Qingdao Port International Co., Ltd. completed the acquisition of 31.92% stake in Qingdao Red Star Logistics Industry Co. Ltd. from Guizhou RedStar Developing Co.,Ltd. for approximately CNY 120 million.
January 28, 2021
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Qingdao Port International Co., Ltd. (SEHK:6198) entered into a share transfer agreement to acquire 31.92% stake in Qingdao Red Star Logistics Industry Co. Ltd. from Guizhou RedStar Developing Co.,Ltd. (SHSE:600367) on April 9, 2020. Qingdao Port International Co., Ltd. also acquired creditor's rights. The equity transfer is for CNY 64.1 million. The consideration will be paid in tranches. Qingdao Red Star Logistics Industry Co. Ltd. reported total assets of CNY 306.4 million and net assets of CNY 30.7 million as of April 30, 2019. The transaction has been approved by the Board of Guizhou RedStar Developing Co.,Ltd.
Qingdao Port International Co., Ltd. (SEHK:6198) completed the acquisition of 31.92% stake in Qingdao Red Star Logistics Industry Co. Ltd. from Guizhou RedStar Developing Co.,Ltd. (SHSE:600367) for approximately CNY 120 million on January 29, 2021. Guizhou RedStar Developing Co.,Ltd has received a total of 90% of the equity transfer price of CNY 57.6 million and 90% of the creditor's rights transfer price of CNY 48.3 million. The remaining 10% of the equity transfer price and creditor's rights transfer price will be paid within 10 working days from the date when Qingdao Red Star Logistics Industry Co. Ltd completes the real estate certificate procedures.
Qingdao Port International Co., Ltd. is a China-based company which mainly provides port related services. The Company mainly operates Qingdao Dagang Port Area, Qianwan Port Area, Huangdao Oil Port Area and Dongjiakou Port Area. The Company has six segments. The Container Handling and Ancillary Services segment is engaged in the loading and discharging of containers and storage. The Metal Ore, Coal and Other Cargo Handling and Ancillary Services segment is engaged in the loading and discharging of metal ore, coal and other cargo and storage. Liquid Bulk Handling and Ancillary Services segment is engaged in the loading and discharging of liquid bulk and storage. The Logistics and Port Value-added Services segment is engaged in the provision of towing and tallying services. The Port ancillary Services segment is engaged in the provision of facilities construction service. The Financial Services segment is engaged in the provision of financial products and services.
Qingdao Port International Co., Ltd. completed the acquisition of 31.92% stake in Qingdao Red Star Logistics Industry Co. Ltd. from Guizhou RedStar Developing Co.,Ltd. for approximately CNY 120 million.
QINGDAO PORT INTERNATIONAL CO., LTD. 
