zoom Hong Kong-listed port investor China Merchants Port Holdings (CMPort) has agreed, through its subsidiary, to buy a 51 percent stake in Zhongshan Port Group.Under a share purchase agreement, expected to be signed on September 13, 2017, CMPort’s Shenzhen Chiwan Wharf Holdings Limited would buy the share from Zhongshan Zhonghang Investment Development for a total of CNY 485 million (USD 74.1 million).The amount would be paid in two installments and funded by the internal resources of the group and external bank loan facilities.Zhongshan Port Group currently operates three port zones namely Zhongshan Port, Xiaolan Port and Shenwan Port in the Pearl River Delta region with a total of 23 berths in operation.CMPort said that the acquisition would further strengthen its port network and strategic synergy of port resources in the Pearl River Delta region.Following completion of the deal, Chiwan Wharf, Zhongshan Zhonghang Investment Development and Zhongshan District City Construction Investment Group Co (ZDCCI) will each hold 51 percent, 11.51 percent and 37.49 percent of the equity interest in the port, respectively.Earlier in September, CMPort entered into a deal to buy 90 percent of shares in Brazilian port operator TCP Participações S.A.With the acquisition of TCP, worth USD 923.7 million, the group aims to expand its business to the Latin America region and further consolidate its position globally.
zoom Bermuda-based shipping company Teekay Tankers has announced a share repurchase program for the buyback of up to USD 45 million of the company’s shares. “During this period of weaker tanker rates, one of our key priorities remains strengthening our balance sheet by further reducing financial leverage and increasing liquidity,” Kevin Mackay, Teekay Tankers’ President and CEO, explained.“This program is being put in place as another lever to create shareholder value, allowing us to opportunistically take advantage of dislocations in the capital markets when we have excess capital,” Mackay added.As explained, shares may be repurchased in the open market at times and prices considered appropriate by the company. The timing of any purchases and the exact number of shares to be purchased under the program will be dependent on market conditions and other factors.What is more, Teekay Tankers has entered into a voting and support agreement with the company’s second largest shareholder after Teekay Corporation, Huber Capital Management. Under the deal, Huber Capital will vote its shares in favor of increasing the authorized number of Teekay Tankers’ Class A common shares at an upcoming special meeting of shareholders. This will permit the issuance of Class A common shares as consideration to complete the company’s proposed merger with Tanker Investments Ltd.Teekay Tankers currently owns a fleet of 39 double-hull tankers, including 20 Suezmax tankers, 12 Aframax tankers, and seven Long Range 2 (LR2) product tankers, and has three contracted time charter-in vessels. The company also owns a Very Large Crude Carrier (VLCC) through a 50 percent-owned joint venture.In addition, Teekay Tankers owns a ship-to-ship transfer business and a minority interest of over 11 percent in Tanker Investments, which currently owns a fleet of 18 modern tankers and in which Teekay Tankers has agreed to acquire the remaining ownership interest. read more