SHAREHOLDERS of Shanghai International Port (Group) Co have agreed to allow the company to issue new shares through a private placement to gain control of Yangshan Deep-water Port, the company said in a filing to the Shanghai Stock Exchange yesterday.

The port operator will gain control of Yangshan port by issuing 1.76 billion shares at 4.49 yuan (67 US cents) each through a private placement with Tongsheng Investment Group. The plan gained approval from 99.9 percent shareholders.