On November 17, Qingdao Port issued an announcement stating that the company has received a notice from the controlling shareholder Qingdao Port Group that the equity structure of Qingdao Port Group will change.
After negotiation, the 100% equity of Qingdao Port Group was changed to 49% of Qingdao Port Group.
On August 22, 2019, SASAC of Qingdao planned to transfer 100% of Qingdao Port Group to Shandong Port Group for free, and Qingdao Port Group will be changed to a wholly-owned subsidiary of Shandong Port Group.
Yantai Port Group has completed the equity transfer on October 22, 2020. Shandong Port Group currently holds 100% of the shares of Yantai Port Group.
Rizhao Port followed closely behind. On October 27, Rizhao Port issued an announcement stating that 100% of Rizhao Port Group's equity was transferred to Shandong Port Group for free.
Although Qingdao Port Group's equity transfer has been changed from 100% to 49%, as long as the commitment period expires, there will be no obstacles to the remaining part of the equity transfer.
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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