Liaoning Port Co.,Ltd. agreed to acquire Yingkou Port Bulk Cargo Terminal Co., Ltd from Yingkou Port Group Co. Ltd for CNY 8.5 billion.
October 27, 2021
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Liaoning Port Co.,Ltd. (SEHK:2880) agreed to acquire Yingkou Port Bulk Cargo Terminal Co., Ltd from Yingkou Port Group Co. Ltd for CNY 8.5 billion on October 28, 2021. The Liaoning Port Co.,Ltd. will utilize its capital resources and debt financing instrument to meet the financial commitment. The deal is subject to Liaoning Port Co.,Ltd. board and shareholders approval, State-owned Assets Supervision and Administration Commission of the State Council approval and the Stock Exchange having no objection to the announcement. The deal is expected to complete on the ownership of sea area use rights shall be transferred on or before December 31, 2022 without any encumbrance of rights; the rest of the Assets shall be transferred to the Group within 90 days after the conditions precedent being completed and existing contracts between YKP and the Assets, including water supply business, electricity supply business, tugboat business and other business contracts, shall be transferred to the Group within 60 days after the conditions precedent being completed.
Liaoning Port Co Ltd, formerly Dalian Port PDA Co Ltd, is mainly engaged in port and related businesses. The Company conducts its businesses through eight segments. The Oil and Liquefied Chemicals Terminal segment engages in the handling, storage and transferring of oil products and liquid chemicals, as well as port management business. The Container Terminal segment engages in the handling, storage and transferring of containers. The General Cargo Terminal segment engages in the handling of groceries, as well as steel trading business. The Ore Terminal segment engages in the handling of ore. The Bulk Grain Terminal segment engages in the handling of grain, as well as raw grain trading business. The Passenger Ro-Ro Terminal segment engages in the passenger and bulk ro-ro business. The Port Value Added and Port Support segment provides tally, haulage and transportation services. The Automobile Terminal segment engages in the loading and unloading of automobiles, and trading business.