Guangzhou: Beihai Port announced it will issue RMB5.2bn worth of shares to Guangxi Beibu Gulf Port Group to acquire 100% equity of its subsidiaries Qingzhou Port Group and Fangchenggang Port Group, and 57.57% equity of Beibu Gulf Towing Company. Guangxi Beibu Gulf Port Group was jointly founded by Qinzhou Port and Fangchenggang Port in 2007.
Upon completion of the transaction, Fangchenggang Port and Qinzhou Port will be integrated through Beihai Port’s listed company platform. Beihai Port said the deal will further integrate the major port assets of Guangxi province and also avoid intra-industry competition.
Beihai Port also plans to issue shares to no more than 10 investors in order to raise around in RM1.72bn in funds. [12/12/12]