Shanghai Terminal entered into the Share Subscription Agreement with Beibu Gulf Port

On 26 November 2018, Shanghai Terminal, a wholly-owned subsidiary of COSCO SHIPPING Ports, entered into the Share Subscription Agreement with Beibu Gulf Port in relation to the subscription and allotment of 70,943,455 Beibu Gulf Port Shares (representing approximately 4.34% of the total issued share capital of Beibu Gulf Port) at the consideration of RMB471,064,541.20. On 27 November 2019, Shanghai Terminal (as purchaser) entered into the Share Transfer Agreement with Beibu Port Group (as seller) in relation to the sale and purchase of 92,518,231 Beibu Gulf Port Shares (representing approximately 5.66% of the total issued share capital of Beibu Gulf Port) at the consideration of RMB799,357,515.84. Upon Closing, Shanghai Terminal will hold a total of 163,461,686 Beibu Gulf Port Shares, representing approximately 10% of the total issued share capital of Beibu Gulf Port.

 

As the Transaction and the Previous Transaction are of a similar nature or otherwise related, the Transaction and the Previous Transaction are aggregated pursuant to Rule 14.22 of the Listing Rules as if they were one transaction. While all applicable percentage ratios set out in Rule 14.07 of the Listing Rules in respect of the Transaction on a standalone basis are less than 5%, the highest of the applicable percentage ratios set out in Rule 14.07 of the Listing Rules in respect of the Transaction and the Previous Transaction (as aggregated) exceeds 5% but is lower than 25%. Therefore, the Transaction, when aggregated with the Previous Transaction, constitutes a discloseable transaction of the Company and is subject to the reporting and disclosure requirements under Chapter 14 of the Listing Rules.

 

The Transaction is subject to the satisfaction or waiver of conditions precedent. There is no assurance that the Transaction will take place or as to when it may take place. Shareholders and potential investors of the Company should therefore exercise caution when dealing in the securities of the Company.

 

Source:COSCO SHIPPING Ports

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