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Further strengthen our controlling rights of terminal investment in southeastern coast of China by the acquisition of 70% interest in Haicang Terminal in Xiamen

Date:2007-11-08     Publish:本站

Further strengthen our controlling rights of terminal investment in southeastern coast of China by the acquisition of 70% interest in Haicang Terminal in Xiamen

COSCO Pacific Limited ("COSCO Pacific" or the "Company") is pleased to announce that its wholly-owned subsidiary, COSCO Ports (Xiamen Haicang) Limited signed an agreement with Xiamen Haicang Investment General Co. to establish a joint venture company, Xiamen Yuanhai Container Terminal Co., Ltd. (the "Joint Venture Company") on 8th November 2007.

The signing ceremony was held in Xiamen. Mr. LIU Cigui, Mayor of Xiamen Municipal Government, Mr. ZHANG Liang, Vice President of China Ocean Shipping (Group) Company and Capt. XU Minjie, Vice Chairman and Managing Director of COSCO Pacific witnessed the ceremony together with honourable guests and representatives from Xiamen Municipal Government and Xiamen Haicang District Government.

This Joint Venture Company will invest in, construct and operate a terminal with four berths (nos. 14 to 17) at Haicang port area in Xiamen of Fujian Province in China ("Haicang Terminal"). COSCO Ports (Xiamen Haicang) Limited and Xiamen Haicang Investment General Co. will hold 70% and 30% of interest in the Joint Venture Company respectively. Xiamen Haicang Investment General Co. is a wholly-owned subsidiary of Xiamen Haicang District Government. Total investment of the Joint Venture Company amounts to RMB3.991 billion (equivalent to approximately US$532 million).

With a total of quay length of 1,508 meters, water depth alongside of 17 meters and land area of about 1.22 million m2, Haicang Terminal equipped with four berths which are capable to handle approximately 2.8 million TEUs per annum. Two berths of it are expected to commence operation by the beginning of 2009.

The acquisition of 70% interest in Haicang Terminal demonstrates our commitment to strengthen controlling rights of our terminal portfolio, and our endeavor to expand our majority stakes investment in major hub ports.

Haicang Terminal is located in Xiamen which is a major deep-water port being ranked as the seventh busiest one in China. The port of Xiamen is expected to become a major international container transshipment hub along the southeastern coast in China. In 2006, the port of Xiamen handled about 4 million TEUs representing an increase of 20% over 2005 and accounting for more than two-third of total throughput in Fujian. Approximately 80% of its throughput is for international shipment. In 2010, the throughput of Xiamen is expected to reach about 8 million TEUs.

The port of Xiamen is situated at a prime location for the trial run of direct shipping linking between Fujian and Taiwan across the Taiwan Straits. Our investment in Haicang Terminal will accelerate our development plan to establish a terminal network along the Western Coast of the Taiwan Straits. The economic zone in this area spans throughout the province of Fujian and its adjacent urban area.

The governor of Fujian dedicates substantial efforts to develop the ports of Xiamen, Fuzhou and Quanzhou, and is confident to establish a transportation network which will facilitate the western coast of the Taiwan Strait to be developed as the fourth significant economic zone in China, following the other top three in Bohai Rim, Yangtze River Delta and Pearl River Delta.

Furthermore, according to the Eleventh 5-year Plan of China, the Government committed strong support to the development in western coast of Taiwan Strait in Fujian, through which the Government will establish a transportation channel with sophisticated marine and inland logistic corridors, connecting between inland provinces and the ports located at southeastern coast in China. The ports in Fujian will then serve as a major transportation platform for international shipment in this region.

With the tremendous supports from China Ocean Shipping (Group) Company and China COSCO Holdings Company Limited, our senior management strongly believes that COSCO Pacific will further strengthen terminal network in the southeastern coast in China so as to provide our comprehensive terminal services to international shipping liners, and to enhance our reputation as a terminal business flagship of COSCO Group.