COSCO Shipping Ports Limited announced that its two wholly-owned subsidiaries, COSCO Ports (Tianjin) Limited (CP Tianjin) and China Shipping Terminal Development Co., Ltd., entered into a merger agreement with Tianjin Port Holdings and CM Terminals, as of 30 June.
Namely the two subsidiaries entered into a merger agreement with Tianjin Port Holdings, China Merchants International Terminals (Tianjin) Limited (CM Terminals), Tianjin Port Container Terminal (TCT), Tianjin Five Continents International Container Terminal (FICT) and Tianjin Orient Container Terminals (TOCT).
Under the agreement, the Tianjin Port Container Terminal (TCT), as the surviving entity, will absorb and merge with FICT and TOCT.
TCT was and will be wholly-owned by Tianjin Port Holdings, while FICT was and will be co-owned by Tianjin Port Holdings, CP Tianjin, CSTD and CM Terminals.
TOCT was and will be held by Tianjin Port Holdings and CP Tianjin.
Upon completion of the merger, TCT as the surviving entity will succeed all assets, business, credits, debts and employees of FICT and TOCT.
The completion of the Merger is conditional upon, among others, the consent of the employees’ congress of TCT, FICT and TOCT and the publication of the notice to creditors.
The company 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,
…COSCO Shipping Ports said.
