SIPG gains control of port via share issue
By Ding Yining |
October 30, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI International Port (Group) Co will own Phase II and Phase III of the Yangshan Deep-water Port, which will give it better supervision and operation of the city's port resources.
The port operator will gain control of the Yangshan port by issuing 1.76 billion shares at 4.49 yuan (67 US cents) each through a private placement with Tongsheng Investment Group.
Tongsheng, the wholly owned unit under the Shanghai State-owned Assets Supervision and Administration Commission and responsible for building and operating the Yangshan port, will exchange assets in the port for a further 6.45 percent stake in SIPG.
The completion of the deal will enhance SIPG's efficiency and put it in a better position to manage the city's port resources, including Waigaoqiao Port in Pudong New Area and Zhanghuabang Port in Baoshan District.
"The takeover of the Yangshan port means SIPG doesn't need to build new berths for quite a few years and will boost its income in the long term as well as strengthen Shanghai's position as a major shipping hub," Guotai Jun'an Securities' Lin Yuanyuan wrote in a report.
He predicted turnover at the Yangshan port to climb to 10 million TEUs (20-foot equivalent units) this year.
Tongsheng started building the Yangshan Deep-water Port in 2002, and the completion of Phase II and Phase III helped the port handle a combined 5.27 million TEUs in 2009.
The port operator will gain control of the Yangshan port by issuing 1.76 billion shares at 4.49 yuan (67 US cents) each through a private placement with Tongsheng Investment Group.
Tongsheng, the wholly owned unit under the Shanghai State-owned Assets Supervision and Administration Commission and responsible for building and operating the Yangshan port, will exchange assets in the port for a further 6.45 percent stake in SIPG.
The completion of the deal will enhance SIPG's efficiency and put it in a better position to manage the city's port resources, including Waigaoqiao Port in Pudong New Area and Zhanghuabang Port in Baoshan District.
"The takeover of the Yangshan port means SIPG doesn't need to build new berths for quite a few years and will boost its income in the long term as well as strengthen Shanghai's position as a major shipping hub," Guotai Jun'an Securities' Lin Yuanyuan wrote in a report.
He predicted turnover at the Yangshan port to climb to 10 million TEUs (20-foot equivalent units) this year.
Tongsheng started building the Yangshan Deep-water Port in 2002, and the completion of Phase II and Phase III helped the port handle a combined 5.27 million TEUs in 2009.
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