On 25 February 2019，China Merchants Port Holdings Company Limited (“CMPort” or “the Company”), held an Extraordinary General Meeting of the shareholders (“EGM”) in Hong Kong, for the purpose of voting on the resolutions in relation to the various land interest in Shenzhen Qianhai (“the Resolutions”). The meeting was hosted by Dr. Bai Jingtao, Managing Director of CMPort, Mr. Zheng Shaoping, Executive Director and Deputy General Manager of CMPort, Ms. Wen Ling, Chief Financial Officer of CMPort, Dr. Huang Chuanjing, Deputy General Manager of China Merchants Port Group Co., Ltd., and representatives of shareholders also attended the meeting.
Majority of the votes were casted in favour of the Resolutions as proposed by the Board and hence, all of the Resolutions were duly passed. The Resolutions include approvals of Land Restructuring Agreement, Debt Confirmation Letter, Debt Confirmation Agreement, Debt Assignment Agreement and Capital Increase Agreement in regard to various land interest in Shenzhen Qianhai.
After the Resolutions has passed, the Company will entitle the interest on the land of Dachan Bay, which not only promote the development of core business in western Shenzhen homebase port of the Company, but also enjoy the economic benefits brought by the reclassified commercial land in Qianhai-Shekou Free Trade Zone. Moreover, CMPort is expected to realise a gain (after tax and attributable to shareholders) from the disposal of approximately RMB 3.15 billion.
After the EGM, Dr. Bai Jingtao told the press, the recently published "Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area " will be conducive to promoting the integration and coordinated development of ports in the Bay Area. CMPort has the World’s leading integrated advantages on commercial operation, international layout and professional operation of ports, the Company will play a positive role in promoting the realisation of the goal of port integration in the Bay area, deepening the integration of domestic ports and accelerating the construction of homebase port. CMPort will actively prepared to utilize various resources in the Bay area, and to promote the implementation of the comprehensive development strategy of “Port-Park-City”, which is believed to be conducive to the realisation of the extended urban function in the Bay area.
Source:CMPort
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