Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever arising from the whole or any part of the contents of this announcement. assumes no responsibility for any loss incurred or caused by reliance on such content.
Limited company incorporated in Bermuda, stock code: 1199
This announcement is issued on a voluntary basis by COSCO Shipping Ports Limited (the "Company").
The Board of Directors of the Company (the "Board") is pleased to announce that on June 30, 2019 (the "Signing Date"), the Company's wholly-owned subsidiaries COSCO Terminals (Tianjin) Co., Ltd. ("COSCO Terminals") and China Shipping Terminals Development Co., Ltd. The Company ("China Shipping Terminals") and Tianjin Port Co., Ltd. ("Tianjin Port"), China Merchants International Port (Tianjin) Co., Ltd. ("China Merchants Port"), Tianjin Port Container Terminal Co., Ltd. ("Container Company"), Tianjin Wuzhou International Container Terminal Co., Ltd. ("Wuzhou International") and Tianjin Oriental Sea-Land Container Terminal Co., Ltd. ("Oriental Sea-Land") entered into a merger agreement, pursuant to which Container Company, as the surviving company, will absorb and merge Wuzhou International and Oriental Sea-Land ("the merge").
The Container Company was and will be wholly-owned by Tianjin Port Co., Ltd. on the signing date and immediately before the completion of the merger. On the signing date and immediately before the completion of the merger, 51.854%, 17.073%, 14% and 17.073% of the equity interests of Wuzhou International were and will be held by Tianjin Port Holdings, COSCO Terminals, China Shipping Terminals and China Merchants Port respectively. On the signing date and immediately before the completion of the merger, 75.5% and 24.5% of the equity interests of Oriental Sea-Land were and will be held by Tianjin Port Holdings and COSCO Terminals respectively.
After the merger is completed, the Container Company, as the surviving company, will inherit all the assets, business, credits, debts and employees of Wuzhou International and Oriental Sea-Land. Wuzhou International and Oriental Sea-Land will cancel their registration. Shareholders will hold equity in the container company. Based on the valuation of Container Company, Wuzhou International and Oriental Marine and Land, and after arm's length negotiations between all parties, the equity structure of Container Company as the surviving company after the completion of the merger is as follows:
The merger is subject to, among other things, the approval of the workers' (representative) meetings of Container Company, Wuzhou International and Oriental Marine and Land and the completion of the creditor notification announcement.
Reasons and benefits of the transaction
The Company believes that the merger will be conducive to further leveraging the advantages of all parties, optimizing resource allocation, improving the integrated management of relevant terminals, reducing operating costs, enhancing the overall competitiveness of container companies and improving corporate efficiency.
Information about the Group and related parties
The Company and its subsidiaries (including COSCO Terminals and China Shipping Terminals) are principally engaged in the management and operation of terminals and related businesses.
Tianjin Port Co., Ltd. mainly provides container and breakbulk handling services, sales and other port supporting services at Tianjin Port in the People's Republic of China through its subsidiaries and associated companies.
The main business of China Merchants Port is investment holding.
By order of the board of directors
COSCO Shipping Ports Co., Ltd.
Chairman and Managing Director
Zhang Wei
Hong Kong, July 2, 2019
As at the date of this announcement, the members of the Board of Directors include Mr. Zhang Wei1 (Chairman and Managing Director), Mr. Deng Huangjun1, Mr. Feng Boming2, Mr. Zhang Wei2, Mr. Chen Dong2, Mr. Wang Haimin2, Dr. Huang Tianyou1, and Dr. Fan Xulitai 3. Mr. Li Minqiao3, Mr. Fan Ergang3, Mr. Lin Yaojian3 and Professor Chen Jiale3.
1 Executive Director
2 non-executive directors
3 Independent non-executive directors
1. Tianjin Container
Tianjin Port Container Terminal Co., Ltd. is one of the major companies engaged in container loading and unloading operations under Tianjin Port (Group) Co., Ltd. It was founded on April 1, 1980. It is the first modern international dedicated container terminal established in mainland my country. , formerly known as Tianjin Port Container Company, was renamed Tianjin Port Container Terminal Co., Ltd. (English abbreviation TCT, hereinafter referred to as TCT) after asset reorganization in 1997. The company owns Tianjin Port Beijiang berth 21# and Beijiang berths 27~29#. Berth 21# has been transformed into a 30,000-ton container berth, and berths 27~29# are currently two 120,000-ton container berths. TCT is mainly engaged in the loading and unloading of full container ships, semi-container ships, and sub-mother ships; it undertakes the unpacking, packing, consolidating, storage, weighing, refrigeration, storage, leasing, inspection, cleaning, and maintenance of containers; it undertakes road and railway operations Container transportation and less-than-truckload cargo business; undertakes transit transport business via the three Eurasian Continental Bridges in Manzhouli, Erenhot and Alashankou, and has opened direct container trains to Xi'an, Chengdu and Xinjiang. Tianjin Container Company is wholly owned by Tianjin Port Co., Ltd. (hereinafter referred to as "Tianjin Port Co., Ltd.").
Currently, Tianjin Port Container Terminal Co., Ltd. has opened more than 20 international routes, leading to more than 300 ports in more than 160 countries and regions including Japan, South Korea, Europe, the United States, the Mediterranean, the Persian Gulf, Taiwan, Australia, Hong Kong, and Singapore. , and opened the Bohai Rim internal branch line and coastal domestic trade transportation.
2. Wuzhou International
Wuzhou International is located on the north side of the East Jetty of Tianjin Port and at the easternmost end of the North Branch Channel of Tianjin Port. It has relatively superior geographical conditions for water transportation. The company was officially established on November 28, 2005, with a registered capital of RMB 1.14 billion and a total investment of RMB 2.57 billion. Currently, our company holds 14% equity of Wuzhou International through two investment entities, COSCO Terminal (Tianjin) Co., Ltd. (hereinafter referred to as "COSCO Terminal (Tianjin)") and China Shipping Terminal Development Co., Ltd. (hereinafter referred to as "China Shipping Terminal Development"). (a total shareholding of 28%), the other shareholders' shareholding ratios are: Tianjin Port Holdings holds 40%, NWS Port Management (Tianjin) Co., Ltd. (hereinafter referred to as "NWS") holds 18%, China Merchants Port Holds 14% of shares. Currently, our company has appointed two directors and two senior executives.
Mainly engaged in container cargo loading, unloading, storage, storage, unpacking and other related services. The total length of the terminal shoreline is 1,202 meters. It currently has four dedicated berths for 200,000-ton (reduced load) containers. The company’s yard area is 350,000 square meters, with an annual designed throughput capacity of 1.5 million TEU. It currently has 12 container loading and unloading bridges and 31 container loading bridges. RMG can carry out diversified business of unpacking, packing and empty container management.
3. Eastern Sea and Land
Oriental Sea and Land Container Terminal is engaged in shipping container ship loading and unloading, warehousing, container disassembly, container repair and cleaning, refrigeration, yard management and international multimodal transport. It officially started operations on January 1, 1999. The originally designed berth sections 30 to 34 refer to four 25,000-ton timber berths and one 10,000-ton mining berth that were put into operation in 1990. In 1992, with the approval of the State Planning Commission, the original timber berths were transformed into two 25,000-ton container berths and one 35,000-ton container berth, and the mining construction berth was transformed into a 10,000-ton container berth. In 2013, through the implementation of the berth reconstruction project in Sections 30 to 33 of Beijiang Port Area of Tianjin Port, three berths were formed after the reconstruction, with 30,000-ton container berths on the east and west sides and a 70,000-ton container berth in the middle. Most of the berths and related equipment operated by Oriental Marine are leased from Tianjin Port. Tianjin Port currently holds 51% of Oriental Sea-Land's equity, and Dubai World Ports (Tianjin) Hong Kong Co., Ltd. (a joint venture between Dubai World Ports and NWS, hereinafter referred to as "Dubai-NWS") holds 49% of Oriental Sea-Land's equity.
At present, the liner routes of Oriental Sea-Land Container Terminal Co., Ltd. reach the Americas, Europe, the Mediterranean, Japan, South Korea, the Middle East, Hong Kong and other places, forming a liner transportation network composed of ocean, near-ocean and domestic coastal areas.
Kind tips