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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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Re-adjusting strategy in the Pearl River Delta, emphasizing on developing Nansha port

Date:2005-04-16     Publish:本站

COSCO Pacific Limited ("COSCO Pacific" or "the Company") announced that a Joint Venture Heads of Agreement was signed with Guangzhou Port Group Co., Ltd. on 16 April 2005. The two parties agreed to set up a joint venture company to build and operate a container terminal at Nansha Port Phase II, Guangzhou, ("Nansha Phase II Terminal")(Attachment 1), the PRC. Mr. LIN Shusen, Secretary of the Guangzhou City Party Committee, Mr. ZHANG Guangning, Mayor of Guangzhou and other representatives from Guangzhou City, Mr. WEI Jiafu, Chairman of COSCO Pacific and Mr. SUN Jiakang, Managing Director of COSCO Pacific, attended the signing ceremony in Guangzhou.

The total investment amount of the joint venture company will be approximately RMB4.01 billion and the registered capital will be approximately RMB1.40 billion. COSCO Pacific holds a 56% equity interest in the joint venture company through its wholly-owned subsidiary, COSCO Ports (Nansha) Limited. COSCO Ports (Nansha) Limited will pay a cash consideration of approximately US$95 million for its share in the registered capital of the joint venture company. The consideration will be funded by the internal resources of COSCO Pacific.

Nansha Phase II Terminal will have 6 deep-water berths in total with a quay length of 2,100 meters, a water depth alongside of 14.5 meters, which could be dredged to 17 meters, and a total area of about 2,730,000 square meters. Its annual handling capacity will be up to 4,200,000 TEUs and is expected to be operational in 2006.

As the only deep-water port in Guangzhou City, Nansha is capable of serving the fifth and the sixth generation container vessels. It has excellent geographic location, with its hinterland of the Pearl River Delta as one of the most developed areas in China. Besides, Guangzhou Municipal People's Government has made it a strategy to transform Nansha into a modern coastal hub port. Thanks to the rapid domestic economic growth, improvement of industrial structure and booming manufacturing industry in the Pearl River Delta, COSCO Pacific believes that the outlook for container terminal business in the Pearl River Delta is encouraging.

Being the world's leading container terminal operator, COSCO Pacific considered that the investment of terminal in Nansha Port Phase II is a critical step to expand the Company's terminal network in the PRC. Hence, the Company will prioritize its resources to develop Nansha Port into a major hub port in the region. This should bring substantial benefit to the shareholders while strengthening the market share in terminal business.