COSCO Shipping Ports announced the completion of merger of Tianjin Container Terminals.

This announcement is made by COSCO SHIPPING Ports Limited (the “Company”) on a voluntary basis.

 

Reference is made to the announcement of the Company dated 2 July 2019 (the “Announcement”). Unless otherwise defined, capitalised terms used in this announcement shall have the same meanings as those defined in the Announcement.

 

TCT, FICT and TOCT entered into a merger agreement (“Merger Agreement”) with CP Tianjin, CSTD, Tianjin Port Holdings and CM Terminals on 30 June 2019, pursuant to which TCT as the surviving entity will absorb and merge with FICT and TOCT, FICT and TOCT will be deregistered as legal entities and the equity interests of TCT will be held by the shareholders of FICT and TOCT immediately before the completion of the Merger.

 

The board of directors (the “Board”) of the Company is pleased to announce that, as at the date of this announcement, the Merger has been completed pursuant to the terms of the Merger Agreement. The equity interests of TCT, as the surviving entity, are held as to 76.68%, 10.01%, 6.00% and 7.31% by Tianjin Port Holdings, CP Tianjin, CSTD and CM Terminals respectively.

 

Source:COSCO Shipping Ports

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