Terminales Portuarios Chancay S.A announced that it has entered into a subscription and investment agreement with new investor COSCO SHIPPING Ports Limited (SEHK: 1199) which will invest through COSCO SHIPPING Ports (Chancay) Limited for a private placement of common shares for gross proceeds of $225,000,000 on January 23, 2019. The investor will acquire a stake of 60% through the transaction. The company will receive $56,250,000 in the first tranche closing and will receive the rest of the amount in multiple tranches. Upon closing, the investor shall have the right to appoint and remove four out of the seven directors of the company. The shares issued in the transaction will have a lock-up period. The transaction has been approved at the 21st meeting of the 5th directorate of the investor and does not need the approval from shareholders of the investor. The transaction is subject to the approval of State-owned Assets Supervision and Administration Commission, relevant government departments in China, the National Development and Reform Commission of the PRC and obtaining necessary antitrust approvals.