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|  | | Beihai Port major asset restructuring suspended |
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¡¡¡¡On Feb. 21st, Beihai Port released that since the prerequisite conditions for the Northern Gulf port restructuring had not yet been completed, it has decided to suspend the project. Guangxi Beibu Gulf International Port Group Co., Ltd. (Beibu Gulf Group) has confirmed it will not start this project within three months.
¡¡¡¡According to Beibu Gulf Group, it will stick to implementing the strategic decision from Guangxi Autonomous Region, which has required ports in Beibu Gulf to be integrated. Current issues will be resolved as soon as possible. Meanwhile, as promised, following this notice from the Board of Directors, the non-public offering of shares and major asset restructuring will not be started within the next three months.
¡¡¡¡In March 2008, involved parties officially transferred, free of charge, the 40.79% stake of Beihai Port from its two major shareholders (Beihai Airport Corporation and Beihai Gao'ang Co., Ltd.) to Beibu Gulf Group.
¡¡¡¡At the same time, on July 11th, 2008, Beihai Port launched its major asset restructuring program towards Beibu Gulf Group, in which it will purchase in a non-public offering from the latter party its 70% stake held on Fangcheng Port and 100% stake held on Qinzhou Port.
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