On August 29, 2024, Oriental Overseas International (00316.HK) announced that the buyer (OOCL Terminal Tianjin (B.V.I.) Limited, the company's indirect wholly-owned subsidiary) entered into an equity transfer agreement with Cosco Ship Port (as the seller), whereby (i) Cosco Ship Port agreed to sell and the buyer agreed to purchase 20% of the total number of issued shares of the target company; and (ii) Cosco Ship Port agreed to transfer, and the buyer agreed to assume 20% of the amount owed by the target company to Cosco Ship Port, for a total consideration of 49.289 million US dollars (equivalent to approximately 0.384 billion Hong Kong dollars), subject to the terms and conditions set forth in the equity transfer agreement. Prior to the completion of the acquisition, the buyer, Cosco Ship Port, and the target company will enter into a shareholders' agreement for the target company.

The target company (namely Cosco Ship Port (Tianjin) Co., Ltd.) is a limited company registered in the British Virgin Islands, and prior to the acquisition was a wholly-owned subsidiary of Cosco Ship Port. The target company's main business is investment holding. According to Cosco Ship Port, the original cost incurred by Cosco Ship Port for the sale of shares (i.e., the cost incurred by Cosco Ship Port for the full subscription of shares sold) was 2 US dollars.

The announcement states that terminals are essential links and essential resources in the global marine transportation chain. Investing in terminals will play a strategic supportive role in the group's business network construction. Tianjin is located in the Jing-Jin-Ji Economic Circle of China, with strong competitiveness in the Bohai Sea area, and is also an important call port for many routes of the group in northern China. The target company is a major shareholder of Tianjin Container Terminal, which mainly operates the largest container terminal in Tianjin Port, China. This investment in the target company and indirectly in Tianjin Container Terminal will promote the group's investment in the terminal sector and deep cooperation with port operators, providing important support for the group's shipping network resources. The acquisition is in line with the group's global strategy, helping to further consolidate the group's leading position in Greater China. Through strengthening cooperation with green ports and smart ports, it will also promote the group's sustainable development.