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China's COSCO to boost stake in Qingdao port operator

Reuters

BEIJING (Reuters) - COSCO Shipping Ports will acquire a 16.82 percent stake in Qingdao Port International (QPI), operator of China's sixth busiest port, the company said on Sunday, expanding COSCO's port network.

Under the agreement, Shanghai China Shipping Terminal Development, a subsidiary of COSCO Shipping Ports, will pay 5.8 billion yuan ($844 million) for the shares in QPI.

The deal, to be settled through a combination of equity and cash, will boost COSCO's share in the Qingdao firm to 18.41 percent, added the company in a statement.

COSCO has been extending its port network with several large deals around the world in recent years.

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The companies also agreed to cooperate to develop Qingdao port into an international shipping hub in Northeast Asia and to co-invest in overseas terminal projects including the Khalifa Port Container Terminal II project in Abu Dhabi.

($1 = 6.8729 Chinese yuan renminbi)

(Reporting by Dominique Patton; Editing by Mark Potter)