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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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Acquisition of interest in Antwerp Gateway NV

Date:2004-11-17     Publish:本站

COSCO Pacific Limited ("COSCO Pacific" or the "Company") wishes to announce that the Company on 16 November 2004 signed a Share Purchase Agreement with P&O Ports to acquire its 25% interest in Antwerp Gateway NV, Belgium (the "Joint Venture").

The Joint Venture has been granted a concession by the Antwerp Port Authority to develop, equip and operate a container terminal on the entire east side of the Deurganckdock in the port of Antwerp. Upon completion of the acquisition, the Joint Venture shall be held by 4 shareholders, including P&O Ports (42.5%), COSCO Pacific (25%), P&O Nedlloyd (25%) and Duisport (7.5%).

The Company will pay £á3,044,771 (approximately US$3.94 million) in cash for the 25% interests in the Joint Venture upon completion. The total cost of the entire project is estimated to be £á530 million (approximately US$685 million). The major part of investment will be financed by project loans at the Joint Venture level.

The container terminal project will be developed by 3 phases. Upon final completion, the terminal will eventually have 6 berths, with a quay length of 2,450 meters, a water depth alongside of 17 meters, and a designed annual handling capacity in excess of 3.5 million TEUs. The first phase which consists of 4 berths with a quay length of 1,650 meters will be completed and commence operation in July 2005.

Antwerp is the fastest growing major container port in Europe, whose container volume reached 5.45 million TEUs in 2003, and thus ranking the third largest container port in Europe and the tenth largest in the world. With the joint efforts from all partners, we are confident that the Joint Venture will develop into one of the most advanced container terminals in the world, providing quality services to its customers.

As one of the leading global port operators, COSCO Pacific has its port operations around the world with current focus in Asia Pacific. This acquisition further reflects the Company's strategy of and commitment to diversifying its investments and market presence geographically, leveraging on the Company's solid expertise in developing and operating container terminals as well as customer base.

For details, please refer to the announcement of the Company in The Standard and Hong Kong Economic Times dated 18 November 2004.