Qingdao Port International to buy oil terminal assets for $1.30 billion

:Qingdao Port International mentioned on Friday it agreed to aquire sources from Rizhao Port and Yantai Port for 9.44 billion yuan ($1.30 billion) as piece of its restructuring efforts.

Furthermore, Qingdao Port mentioned it is in the hunt for to raise an additional 2 billion yuan by the issuance of most modern class A shares.

Hong Kong-listed Qingdao Port is procuring the total stake in Rizhao Port Oil Terminal, a 50 per cent stake in Rizhao Shihua Unsuitable Oil Terminal Co, a 53.9 per cent stake in Shandong United Vitality Pipeline Transportation and a 51 per cent stake in Shandong Gangyuan Pipeline Logistics, on a conditional basis.

The company will pay 4.81 billion yuan by issuing round 697.3 million class A shares, and 4.63 billion yuan will be paid in cash, Qingdao Port mentioned.

These steps are self-discipline to shareholder approval as per the Hong Kong itemizing solutions.

($1 = 7.2518 Chinese yuan renminbi)