Ningbo Port to acquire 85% stake of Zhoushan Port

Ningbo Port to acquire 85% stake of Zhoushan Port

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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