November 1, Shenzhen Yantian Port Holdings Co,Ltd. (Yantian Port) has made a relevant announcement regarding the collection of matching funds for major asset reorganization.
According to the announcement, Yantian port to raise matching funds to finalize the eight subscribers, at a price of RMB 4.38 / shares issued 913,758,995 shares, raising a total of RMB 4.002 billion (about $563 million).
It is worth noting that in this subscription, COSCO Shipping Holdings Co., Ltd. (COSCO Shipping Holdings) has invested nearly RMB 1 billion (about $141 million) in Yantian Port. After the completion of the share registration of the new shares issued, COSCO Shipping Holdings is expected to hold 4.39% of the shares, will become the second largest shareholder of Yantian Port.
According to the announcement, after the completion of the share registration of the new shares in the issue, the top three shareholders of Yantian Port are Shenzhen Port Group, COSCO Shipping Holdings and ICBC Financial Asset Investment, with shareholding ratios of 68.36%, 4.39% and 3.29% respectively.
Yantian Port said that after the funds raised from this issuance are in place, the company’s total assets and net assets will increase at the same time, and the asset-liability ratio will decrease. At the same time, the company’s overall financial strength and debt repayment ability will be improved, and the capital structure will be optimized, providing effective guarantees for the company’s subsequent development.
Yantian Port emphasized that after the completion of the offering, the controlling shareholders and actual controllers of the company have not changed and there will be no material impact on the governance of the company, but the proportion of shares held by institutional investors in Yantian Port has increased and the shareholding structure has become more reasonable, which will be conducive to the further improvement of the governance structure and the healthy and stable development of Yantian Port’s business.
According to previous reports, on December 7, 2023, Yantian Port’s major asset reorganization project was approved by the China Securities Regulatory Commission (CSRC) to consent to the registration application, marking a major breakthrough in the efficient integration of the resources of Shenzhen Port Group’s port and shipping industry sector.