China’s Zhuhai Port has announced that it has proposed an offer to all the shareholder of Hong Kong-listed river port operator Xinghua Port to acquire 100 percent equity interest of the company.
Currently Xinghua Port is controlled by the Huang family, which owns 60.18% of the company.
Zhuhai Port offered to acquire the shares at HK$2.6 per share and total value of the deal could reach HK2.1bn ($271m).
Zhuhai Port reckons the acquisition of Xinghua Port would help the company complete its logistics network on the Yangtze River and Xi River.
Following the completion of the deal, Xinghua Port will be delisted from Hong Kong Stock Exchange.
Xinghua Port currently owns and operates two multi-purpose ports along Yangtze River in Changshu, Jiangsu.