China Merchants Group and State-owned Assets Supervision and Administration Commission (SASAC) Liaoning have entered into an agreement under which SASAC Liaoning will transfer 1.1% equity interest in Liaoning Port Group to China Merchants Group.
Following the transaction, China Merchants’ shareholding in Liaoning Port Group will be increased from 49.9% to 51% and the group will officially become the controller of Liaoning Port Group.
Liaoning Port Group was established in January this year after the integration of three major ports in the province, Dalian Port, Yingkou Port and Jinzhou Port. At the same month, China Merchants issued RMB10bn ($1.47bn) worth of bonds to fund the developments of the ports under Liaoning Port Group.
