Dalian deal gets shareholder support

Dalian Port Company Limited has announced that all resolutions for its Board’s proposed A Share Issue and acquisition of certain port operations and assets from Dalian Port Corporation Limited have been approved by shareholders.

The resolutions were passed by over 96 per cent of the shareholders by way of a poll in an extraordinary generally meeting convened to discuss approval for the move.

The proposed A Share Issue, which will comprise an initial public offer of not more than 1,200 million Public A Shares; and an issue of not more than 1,200 million Consideration Shares to Dalian Port Corporation, the controlling shareholder of Dalian Port Company, as the initial consideration for the acquisition of the assets included in the deal.

These assets to be acquired include ore, general cargo, bulk grain, passenger and roll-on roll-off terminals, related logistic services and certain ancillary port operations.

(Source: Port Financial International)