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Dalian Port (PDA) Company Limited Announces the Proposed Issue of A Shares and Acquisition of Target Assets Duly Passed in the EGM

Dalian Port (PDA) Company Limited
2009-12-01 11:32 494

HONG KONG, Dec. 1 /PRNewswire-Asia/ -- Dalian Port (PDA) Company Limited ("Dalian Port" or the "Company", stock code: 2880), one of the major oil and container terminal operators in the PRC, is pleased to announce that all the resolutions for its Board's proposed A Share Issue and acquisition of certain port operations and assets ("Target Asses") from Dalian Port Corporation Limited ("PDA") were duly passed by over 96% of the shareholders by way of a poll in the extraordinary generally meeting (the "EGM"), the H shareholders Class Meeting and the Domestic Shareholders Class Meeting convened for such purposes.

The EGM, the H Shareholders Class Meeting and the Domestic Shareholders Class Meeting were held on 30 November 2009. Shareholders at each of the meetings duly approved the proposed A Share Issue, which will comprise (i) an initial public offer of not more than 1,200 million Public A Shares; and (ii) an issue of not more than 1,200 million Consideration Shares to PDA, the controlling shareholder of the Company, as the initial consideration for the acquisition of Target Assets. The Target Assets to be acquired include ore, general cargo, bulk grain, passenger and roll-on roll-off terminals, related logistic services and certain ancillary port operations.

Mr. Sun Hong, Chairman of Dalian Port said, "We are glad that the proposed A Share Issue and Acquisition of Target Assets were approved by our shareholders. Dalian Port is the leading port operator in Northeastern China with advantageous geographic location and superior natural conditions. Through the issue of A Shares, Dalian Port will become the first among the PRC port companies with shares dually listed in both Hong Kong and mainland China. Besides, the business structure of Dalian Port is expected to become more diversified as the Company will be able to further expand its scale and scope of operations. In turn, this will facilitate the development of Dalian Port into a centralised platform for all the major port operations at the port of Dalian, and further improve Dalian Port's operational efficiency, profitability and resilience to economic downturn. We firmly believe that the proposed A Share Issue and Acquisition of Target Assets will be beneficial to the process of making Dalian Port into a major international shipping centre in Northeastern Asia. Also, it will help establishing a solid strategic base for future consolidation of other port resources in Dalian, and mark a key milestone in the history of Dalian Port."

About Dalian Port (PDA) Company Limited

Dalian Port (PDA) Company Limited is principally engaged in four business segments, namely: the provision of terminal and related logistics services for oil / liquefied chemicals; the provision of terminal and logistics services for containers; the provision of terminal and logistics services for automobiles; and the provision of port value added services. The Group is the largest oil, container and automobile terminal operator in Northeastern China.

Source: Dalian Port (PDA) Company Limited
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