Free Porn
20.4 C
Sunday, July 21, 2024
Home News China Merchants Port increases its stake in SIPG

China Merchants Port increases its stake in SIPG

Hong Kong-based port and terminal operator China Merchants Port (CMP) has announced the acquisition of stakes in the operator of the Shanghai Port, Shanghai International Port Group (SIPG).

Between 9 March to 19 April, CM Port Development, a wholly-owned subsidiary of CMP, acquired an aggregate of 328,750,659 SIPG shares through on-market purchases on the Shanghai Stock Exchange. The average price per share was RMB5.76 (US$0.89) for an aggregate consideration of RMB1,894 million (US$294 million).

Upon the settlement of the acquisition, China Merchants Port would be interested
in 6,531,312,845 SIPG shares, representing approximately 28.06% of the total
issued share capital of SIPG.

CMP said its directors, having considered the market conditions and the financial performance and the prospects of SIPG, are of the view that the acquisition presented a good opportunity for the Group to increase its shareholding in SIPG and utilise its available funds for a return.

"As the acquisition was made at market price and on the open market of the Shanghai Stock Exchange, the directors considered that the terms of the acquisition are fair and reasonable, on normal commercial terms and in the interests of the company and its shareholders as a whole," stated China Merchants Port in a statement.

CMP noted that the acquisition was settled in cash and funded by internal resources of the company.

Antonis Karamalegkos
Managing Editor

Latest Posts

Global IT outage disrupts operations at European box terminals

A global IT outage, caused by a software update from American cybersecurity technology company CrowdStrike, has prompted disruptions in several European container terminals, including...

Houthis fire projectiles at CMA CGM-operated ship

The Houthis have attacked a container vessel operated by French shipping company CMA CGM. The Maritime and Port Authority of Singapore (MPA) said that it...

Construction works commence at Long Beach Pier B On-Dock Rail Support Facility

U.S. Secretary of Transportation Pete Buttigieg and officials from across the United States attended a groundbreaking ceremony for “America’s Green Gateway,” the Pier B...

CMA CGM announces new Africa peak season surcharges

French ocean carrier CMA CGM has announced new peak season surcharges to Africa, effective from 1 August. The Marseille-based box line will apply a new...

Updated: Two tankers on fire in Singapore after collision

Fire broke out after two tankers collided in Singapore waters today (19 July). The Maritime and Port Authority of Singapore (MPA) said that at...