100% equity of Rizhao Port transferred to Shandong Port

On the evening of June 8, Rizhao Port Group issued a notice saying that the shares of Rizhao Port Group will be changed, and the relevant matters are hereby announced as follows:
 
100% equity of Rizhao Port Group will be transferred to Shandong Port Group for free. After the transfer, Rizhao Port Group will become a wholly-owned subsidiary of Shandong Port Group.
 
The equity change of Rizhao Port Group will not change the main business structure of the company and will not have a impact on the normal business activities of the company.
 
In March 2018, Shandong Bohai Bay Group was founded with the integration of Binzhou Port, Dongying Port and Weifang Port by Shandong High-Speed Group.
 
On July 9, 2019, Qingdao Port and Weihai Port announced a merger, with all the latter's shares transferred to Qingdao Port Group.
 
So far, there are only four ports in Shandong: Qingdao Port, Rizhao Port, Yantai Port and Bohai Bay Port. The establishment of Shandong Port Group integrates these four ports into one.
 
The 100% equity transfer of Rizhao Port Group is free, indicating that the assets of several other major port groups under Shandong Port Group may also be transferred.
 
Source: Sarah Yu, XINDE MARINE NEWS

The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.