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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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Acquisition Of 50% equity interest In Yingkou Container Terminals Company Limited

Date:2004-06-17     Publish:本站

On 15th June 2004, COSCO Ports (Yingkou) Limited, a wholly-owned subsidiary of COSCO Pacific Limited ("COSCO Pacific" or "the Company"), agreed to acquire from China Ocean Shipping (Group) Company, its 50% equity interest in Yingkou Container Terminals Company Limited ("Yingkou Container Terminals" or "the Terminal"). Yingkou Port Group Corp. holds the other 50% equity interest of the terminal. Total cash consideration is RMB22,500,000.00 (equivalent to approximately HK$21,138,670.00).

In 2003, the container handling throughput of the port of Yingkou reached 400,000 TEUs, and it is the 10th busiest container port in China so far this year. Yingkou Container Terminal currently is the only container terminal operator in the port of Yingkou. It rents two berths, with a quay length of about 583 meters and a depot area of 420,000 square meters. Its designed annual container handling capacity is 1 million TEUs.

COSCO Pacific strongly believes that the above acquisition represents an excellent opportunity to expand our container terminal business in the fast growing Bohai Rim region, and will further strengthen our port portfolio and related business.