COSCO Shipping Ports announced that on 30 June 2019, COSCO Ports (Tianjin) Limited (“CP Tianjin”) and China Shipping Terminal Development Co., Ltd. (“CSTD”), both being wholly-owned subsidiaries of the Company, entered into a merger agreement with Tianjin Port Holdings Co., Ltd., China Merchants International Terminals Limited, Tianjin Port Container Terminal Co., Ltd., Tianjin Five Continents International Container Terminal Co., Ltd. and Tianjin Orient Container Terminals Co., Ltd. pursuant to which TCT as the surviving entity will absorb and merge with FICT and TOCT.
TCT was and will be wholly-owned by Tianjin Port Holdings. FICT was and will be held as to 51.854%, 17.073%, 14% and 17.073% by Tianjin Port Holdings, CP Tianjin, CSTD and CM Terminals respectively. TOCT was and will be held as to 75.5% and 24.5% by Tianjin Port Holdings and CP Tianjin respectively.
Upon completion of the Merger, TCT as the surviving entity will succeed all assets, business, credits, debts and employees of FICT and TOCT. FICT and TOCT will be deregistered as legal entities and the shareholders of FICT and TOCT immediately before the completion of the merger will hold equity interests in TCT.
COSCO believes that the merger will be beneficial to further exert the strength of each party, optimise the allocation of resources, enhance the unified management of the relevant terminals, lower operational costs, and thereby increase the overall competitiveness of TCT and enhancing its efficiency.
