Nanjing Port Co., Ltd. completed the acquisition of an additional 54.71% stake in Nanjing Port Longtan Container Co., Ltd. from Nanjing Port Co., Ltd. and Shanghai International Port Co., Ltd..
December 15, 2016
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Nanjing Port Co., Ltd. (SZSE:002040) agreed to acquire an additional 54.71% stake in Nanjing Port Longtan Container Co., Ltd. from Nanjing Port (Group) Co., Ltd. and Shanghai International Port (Group) Co., Ltd. (SHSE:600018) for CNY 1.3 billion in stock on January 27, 2016. Nanjing Port will issue 103.8 million shares at CNY 12.16 each. Nanjing Port Co., Ltd signed the asset acquisition agreement with Nanjing Port (Group) Co., Ltd. and Shanghai International Port in July 2016. Nanjing Port will acquire 34.54% and 20.17% stake from Nanjing Port (Group) and Shanghai International Port (Group) respectively. Post transaction, Nanjing Port will hold 74.88% stake in Nanjing Port Longtan Container. Nanjing Port Longtan Container Co., Ltd. had total assets of CNY 3.4 billion, net assets of CNY 1.8 billion, revenue of CNY 420.48 million and net profit of CNY 74.18 million in 2015. The deal is subject to approval by Board of Directors of Nanjing Port upon assessment report on Nanjing Port Longtan Container's assets is issued, approvals by Jiangsu Province's State-owned Assets Supervision and Administration Commission, China Securities Regulatory Commission, the responsible Ministry of Commerce and the shareholders of Nanjing Port. The deal was approved in principle by responsible State-owned Assets Supervision and Administration Commission, by the Board of Directors of Nanjing Port and Nanjing Port Longtan Container, shareholders of Ningbo Port Group and Director-general of Shanghai International Port (Group). This transaction has received approval from the Merger, Acquisition, and Reorganization Examination Committee of Listed Companies of the China Securities Regulatory Commission on October 27, 2016 and written approval from China Securities Regulatory Commission on December 1, 2016.
Nanjing Securities Co., Ltd. acted as financial advisor, Beijing King & Wood Mallesons Law Firm acted as the legal advisor and PricewaterhouseCoopers Zhong Tian LLP acted as the accountant to Nanjing Port Co., Ltd.
Nanjing Port Co., Ltd. (SZSE:002040) completed the acquisition of an additional 54.71% stake in Nanjing Port Longtan Container Co., Ltd. from Nanjing Port (Group) Co., Ltd. and Shanghai International Port (Group) Co., Ltd. (SHSE:600018) on December 16, 2016.
Nanjing Port Co., Ltd. is a China-based company principally engaged in the provision of transportation services. The Company's main business includes the provision of crude oil, refined oil, liquid chemical products and general cargo handling, warehousing services. The Company is also engaged in the provision of containers storage, door to door transportation, related accessory sales, container disassembly, repair and cleaning services in the harbor district. The Company is also involved in the provision of electronic data exchange services and information consulting services, as well as the terminals and port logistics services. The Company principally operates its business in domestic market.
Nanjing Port Co., Ltd. completed the acquisition of an additional 54.71% stake in Nanjing Port Longtan Container Co., Ltd. from Nanjing Port Co., Ltd. and Shanghai International Port Co., Ltd..