Cosco Shipping enters agreement for the sale of three Chinese port terminals stakes

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COSCO SHIPPING Ports Limited, a leading ports operator in the world, has entered into an agreement with SIPG (HK) for the sale of the company stakes in three port terminals China. The facilities involved are the Nanjing Longtan Terminal (via Longtan SPV), Yangzhou Yuanyang Terminal (via Yuanyang SPV and Zhangjiagang SPV) and Zhangjiagang Terminal (via Zhangjiagang SPV), respectively.

It is estimated that Cosco would get around CNY2.32 billion (US$327 million), including aggregated consideration under the Share Purchase Agreements of approximately CNY10.6 billion (US$1.49 billion).

After completion of the Share Purchase Agreements, Cosco will cease to own any interest in any of the Target Companies, Nanjing Longtan Terminal, Yangzhou Yuanyang Terminal and Zhangjiagang Terminal. Each of Longtan SPV, Yuanyang SPV, Zhangjiagang SPV, Yangzhou Yuanyang Terminal and Zhangjiagang Terminal will cease to be a subsidiary of the Cosco following the transactions and Nanjing Longtan Terminal will cease to be an associate of the company.

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