China-based Dalian Port (PDA) Company's subsidiary Dalian Container Terminal Company (DCT) has signed agreements to acquire the total assets, liabilities, interests, and businesses of two container terminal subsidiaries, Dalian Port Container Terminal (DPCT) and Dalian International Container Terminal (DICT).
DPCT and DICT are to be deregistered following the integration, and the shareholders of two companies will subsequently acquire stock in DCT.
All debts currently faced by DPCT and DICT will also be assumed by DCT as part of the agreement.
Dalian Port noted that the integration will allow the company to reduce management costs and boost overall operational efficiency.
DPCT is collectively owned by Dalian Port, APM Terminals, PSA China and Cosco, while DICT is owned by Dalian Port, China Shipping and NYK.
Additionally, APM Terminals has agreed to divest its 20% stake in Dalian Port Container Terminal to DCT for a sum of $18m.
DCT currently operates seven berths at Dalian Port, while DPCT operates five berths and DICT has two berths, reported Americanshipper.com.
The completion of the integration is subject to approval by the relevant regulatory authorities, including the Anti-monopoly Bureau of The Ministry of Commerce of China.