COSCO Shipping Ports announced that on 26 February 2021, COSCO SHIPPING Ports (Tianjin) (a wholly-owned subsidiary of the Company) (as purchaser), Tianjin Port Holdings (as seller) and the Company entered into the TCT Equity Transfer Agreement in relation to the acquisition of 34.99% equity interests in TCT.
As at the date of this announcement, COSCO SHIPPING Ports (Tianjin) and CSTD (each being a wholly-owned subsidiary of the Company) holds 10.01% and 6.00% of the equity interests in TCT, respectively, and 16.01% in total.
Upon completion of the Acquisition, COSCO SHIPPING Ports (Tianjin) and CSTD will hold 45.00% and 6.00% of the equity interests in TCT, respectively, and 51.00% in total.
Accordingly, Cosco Shipping Ports will take control of Tianjin Port Container Terminal.
COSCO Shipping Ports have pledged to strive for annual growth of no less than 15% from 2020.
Source: COSCO Shipping Ports
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