To this effect it is acquiring 51% of DP World Yantai Co Ltd while divesting its entire 60% stake in Yantai Rising Dragon International Container Terminals Ltd (YRDICTL) to Yantai Port Holdings.
Shandong Province's Ministry of Commerce has given approval to its Hong Kong unit, ICTSI (Hong Kong) Ltd. for the moves and the terminal to be renamed Yantai International Container Terminals Ltd (YICT) will be the only foreign container terminal within the Zhifu Bay Port, with ICTSI as the majority shareholder.
DP World China (Yantai) Ltd. will retain a 12.5% stake in YICT while the remaining 36.5% will be owned by Yantai Port Holdings.The reshuffling will also see YRDICTL become a wholly-owned subsidiary of Yantai Port Holdings and will concentrate on handling local container cargo only.
The major container operators within Yantai Port had agreed to consolidate container operations in order to achieve synergy in the allocation of resources, improve economies of scale by separating the local and foreign container handling operations, and upgrade the professional level of the container operations of the Yantai Port as a whole.
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