Ningbo Port has announced that it will issue RMB3bn ($456m) worth of new shares to its controlling shareholder Ningbo-Zhoushan Port Group for the acquisition of 85% equity of Zhoushan Port, as part of a merger deal between the two ports.
Ningbo Port has been working on a merger with Zhoushan Port since September 2015, with Zhoushan shelving its IPO plan in 2015 in order to work towards the merger.
After the merger is complete, the former Zhoushan Port Group will be dissolved, and the new Ningbo-Zhoushan Port Group will be controlled by Zhejiang Port Investment Operation Group, a platform established by Zhejiang SASAC to manage the port assets in the province.
