On November 26 2019, Qingdao Port International Development a wholly-owned subsidiary of the Company, entered into a share transfer agreement with COSCO Shipping Port (01199) and COSCO Shipping Port (Abu Dhabi), intending to purchase 6667 shares of COSCO Shipping Port (Abu Dhabi) for the consideration of US $59.276 million, accounting for 33.335% of the shares. As of the completion of the share transfer, Qingdao Port International Development will indirectly hold 30.0015% of the equity of CSP Abu Dhabi Terminal L.L.C through its shareholding in COSCO Shipping Port (Abu Dhabi).

It is reported that Abu Dhabi Terminal is a joint venture company established in the United Arab Emirates. As of the date of announcement, its equity is 90% owned by COSCO Shipping Port (Abu Dhabi) and 10% owned by an independent third party. The Abu Dhabi terminal is mainly engaged in the construction, development and operation of the container terminal in the Caliph port area of Abu Dhabi.

The acquisition of shares is an important step for the Company to actively integrate into the Belt and Road Initiative developement, further implement the internationalization strategy and further deepen strategic cooperation with COSCO Shipping Port. After the completion of the share transfer, with the Company's rich experience in port operation and management and talent reserve, the operation efficiency of Abu Dhabi Terminal and its business competitiveness in the Middle East will be further improved, which can provide shipping companies with more efficient and high-quality port services.