COSCO increases stake in Qingdao Port

COSCO Shipping Ports has entered into an agreement to buy a 16.82% stake in the operator of the Port of Qingdao, China.

As part of the transaction agreement, COSCO Shipping Ports’ wholly-owned subsidiary Shanghai China Shipping Terminal Development will purchase the shares in Qingdao Port International Co., Ltd. (QPI) for approximately RMB 5.8bn (US$846m), equivalent to about RMB5.71 (US$0.83) per share.

Of this, approximately RMB 3.2bn (US$467m) will be settled by the transfer to QPI of a 20% equity interest in Qingdao Qianwan Container Terminal (QQCT), while the remaining RMB2.6bn (US$379m) will be settled in cash.