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International Container Terminal Services, Inc.’s sale of its controlling share in Yantai International Container Terminal Ltd. was confirmed to have been closed on March 31
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ICTSI said it was informed on April 6 that parties to the sale had agreed on the closing date
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ICTSI subsidiary ICTSI Hong Kong on March 23 signed an equity transfer agreement with Yantai Port Holdings Company Ltd. related to the sale of its 51% majority stake in YICTL
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Under the deal, ICTSI will sell 384.54 million shares at RMB2.01 per share
International Container Terminal Services, Inc.’s (ICTSI) sale of its controlling share in Yantai International Container Terminal Ltd. (YICTL) was confirmed to have been completed on March 31.
In a regulatory disclosure to the local bourse, ICTSI said it was informed on April 6 that parties to the sale had agreed on the closing date.
Through its wholly-owned subsidiary ICTSI Hong Kong, ICTSI on March 23 signed an equity transfer agreement with Yantai Port Holdings Company Ltd. related to the sale of its 51% majority stake in YICTL, ICTSI’s subsidiary in Yantai, China.
Under the deal, ICTSI will sell 384.54 million shares at RMB2.01 per share.
DP World China (Yantai) Limited, which holds a 12.5% interest in YICTL, also signed an equity transfer agreement with Yantai Port Holdings for the sale of its equity.
Upon completion of the agreement, Yantai Port Holdings will have 100% equity interest in YICTL, which primarily handles containerized cargo but also handles roll-on/roll-off and bulk and break bulk cargo.
ICTSI earlier said after 20 years in YICTL, it deems the sale of the China terminal “in keeping with the ICTSI Group’s long-term strategy of focusing on concession contracts where ICTSI has control over critical aspects of the business, particularly with regards to long-term development and commercial activities, among others.”
The sale also allows ICTSI to “rationalize… strategy and redirect its resources to its other existing projects and those in its pipeline,” the company added.
Yantai is located on the northeast coast of Shandong Province in Eastern China, bordering the Yellow Sea and Bohai Bay.
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