Xiamen Port Development will acquire 60% equity interest of Shishi Huajin from majority owner Shishi City Well Able Group Co (Well Able) and another 15% from businessman Qiu Yitian. At present, Shishi Huajin’s equity interests are 75% held by Well Able and 25% by Qiu.
“The board is of the view that the entering into of the acquisition agreement and the acquisition are crucial to the group’s implementation of its expansion strategy outside Xiamen port region,” stated Xiamen International Port Co, which owns 55.13% of Xiamen Port Development.
“The acquisition enables the group to strengthen its investment in peripheral ports so as to further consolidate the core advantage and competitiveness of its port-related principal businesses,” it added.
Established in 2007, Shishi Huajin is principally engaged in the investment, construction and terminal operation of the Jinshang operational area at Quanzhou Gulf port area.
Shishi Huajin has already constructed three general terminals and has a berth under construction.
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