Qingdao Port to acquire Rizhao Port assets for $600m

Qingdao Port International Co. (HKEX: 6198) announced it will acquire a 100% equity interest in Rizhao Port Oil Terminal, and a 50% equity interest in Rizhao Shihua Crude Oil Terminal, both from Shandong Port Rizhao Port Group, for RMB 4,628.65 million ($600M). The move aims to resolve horizontal competition issues and optimize port resource allocation in Shandong Province. The board considers the transaction and compensation terms fair and reasonable. The transaction, subject to independent shareholder approval at an extraordinary general meeting on March 28, 2025, is viewed as beneficial for the company and shareholders as a whole. Independent financial advisor, Somerley Capital Limited, also supports the transaction. Post-acquisition, Qingdao Port expects to enhance its overall profitability and competitiveness. The acquired assets will be integrated into Qingdao Port’s consolidated financial statements.