Rizhao Port issued an announcement stating that Rizhao Government will transfer 100% of the company’s controlling shareholder Rizhao Port Group to Shandong Port Group for free. After the transfer is completed, Rizhao Port Group will become Shandong Port Group’s wholly-owned subsidiary.
After the completion of the free transfer, the controlling shareholder of the company is still Rizhao Port Group, and the number and proportion of holdings of the company by Rizhao Port Group remain unchanged. The actual controller of the company shall be changed from Rizhao Government to Shandong SASAC.
After the change is completed, Shandong Port Group will hold 100% equity of Rizhao Port Group.
At this point, the free transfer has been completed. The actual controller of the company shall be changed from Rizhao Government to Shandong SASAC.
Source: Sarah Yu, XINDE MARINE NEWS
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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