Qingdao Port International Co., Ltd. (SEHK:6198) entered into a share transfer agreement to acquire 10.2% stake in Qingdao Haiye Oil Terminal Co., Ltd from Qingdao Yiruiyuan Trading Co., Ltd. for approximately CNY 260 million on May 10, 2021. In similar transaction Qingdao Port International Co., agreed to acquire 40.8% stake in Qingdao Haiye Oil Terminal Co., Ltd. from Qingdao Haiye Petroleum Co., Ltd. for approximately CNY 1.1 billion. The deal will be financed from internal cash resources. Under the terms of agreement, Within 7 business days after the execution of the Agreement, Qingdao Port International Co., Ltd. shall pay approximately CNY 52 million representing 20% of the total consideration as deposit. On the Closing Date, the deposit will be deemed as the payment of 20% of the total consideration and then Qingdao Port International Co., Ltd. will pay approximately CNY 79 million representing 30% of the total consideration and remaining 50% consideration approximately CNY 131 million will be paid to Qingdao Yiruiyuan Trading Co. Escrow Account and will be paid on the Completion Date after deducting relevant expenses. For the year ended December 31, 2020 the net income of Haiye Oil Terminal is approximately CNY 240 million. The Closing is conditional upon the fulfillment of the conditions precedent to the Closing including review on the anti-monopoly concentration of business undertakings in relation to the Haiye Oil Terminal Share Transfer having been approved. PricewaterhouseCoopers Zhong Tian LLP acted as accountant to Qingdao Port International Co., Ltd.