中远海控(01919.HK)参与联合体以收购中交疏浚不超过10%权益代价不超34.09亿元
格隆汇8月23日丨中远海控(01919.HK)公布,上海码头(中远海运港口的全资附属公司,因此为公司的非全资附属公司)拟与中远海运天津及一名或多名其他投资者订立联合体协议,据此,联合体将寻求透过参与公开竞买方式在中国境内产权交易所向中国交建收购最多55.20亿股中交疏浚股份(占中交疏浚经扩大已发行股本约40%)。
根据联合体协议,倘若联合体于挂牌程序中成功摘牌,上海码头、中远海运天津及其他投资者将分别收购13.80亿股中交疏浚股份(占中交疏浚经扩大已发行股本约10%)、6.90亿股中交疏浚股份(占中交疏浚经扩大已发行股本约5%)及余下中交疏浚销售股份。倘若中交疏浚销售股份数目少于20.70亿股(占中交疏浚经扩大已发行股本约15%),则上海码头及中远海运天津将就彼等分别收购之中交疏浚股份达成协议,并于联合体协议中订明。因此,上海码头将收购不超过13.80亿股中交疏浚股份(占中交疏浚经扩大已发行股本约10%)。除非联合体全体成员另有协定,否则联合收购事项的代价将不超过每股中交疏浚股份人民币2.47元。因此,上海码头应付代价将不超过约人民币34.09亿元。
于公告日期,联合体成员与中国交建尚未就联合收购事项订立任何具约束力之买卖协议。联合体于挂牌程序竞投中成功摘牌后,联合体成员将与中国交建订立正式的买卖协议,以落实联合收购事项。
中交疏浚是全球最大的疏浚企业,其疏浚业务占国内市场份额约70%。中交疏浚在行业占据市场领先地位,回报相对稳定,其业务非常紧俏。此外,中交疏浚亦积极发展环境保护及海洋工程业务,同时拓展增长潜力巨大的海外业务。预期有关业务将为中远海运港口集团带来稳定的净利润及增长潜力。
中远海运港口致力完善全球码头布局,为航运联盟提供高效及具成本效益的服务,而中远海运港口集团拟对中交疏浚作出的投资符合中远海运港口的战略。
中交疏浚在港口航道疏浚业务上与中远海运港口集团港口业务具有协同效应。自2017年起,中远海运港口集团所收购的码头主要为新建码头,对航道疏浚需求殷切。有关战略投资将有助中远海运港口集团借助中交疏浚的市场领先地位,发展港口延伸业务。因此,预期上海码头收购事项可让中远海运港口集团渗透至上游产业链,发挥海外布局的协同效应。
中远海运港口的现有码头组合遍布中国沿海五大港口群、东南亚、中东、欧洲、南美洲和地中海。鉴于以上因素及中远海运港口的意见,公司认为,对中交疏浚的投资让中远海运港口能够凭藉中交疏浚的品牌和全球知名度,以及丰富的海外疏浚项目工程经验,有利于进一步完善中远海运港口的海外布局,落实"一带一路"倡议,强化中远海运港口作为全球码头运营商的领先地位。
公司认为,参与联合体可使中远海运港口集团加强其摘牌的竞争力,从而增加其于挂牌程序中成功的机会,因联合体就中国交建拟挂牌的全部中交疏浚销售股份进行竞投,将较单独就挂牌的中交疏浚销售股份进行竞投,有更强的议价能力能成功按中国交建设定的购买底价收购中交疏浚股份。因中远海运天津也有兴趣收购中交疏浚股份,因此其为联合体成员之一。
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