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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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Acquisition of stakes in Fuzhou Port Group

Date:2007-04-20     Publish:本站

Acquisition of Stakes in Fuzhou Port Group
 

COSCO Pacific Limited ("COSCO Pacific" or "the Company") is pleased to announce that a letter of intent was signed between the Company and Fujian Provincial Communication Transportation (Shareholding) Co., LTD ("Fujian Transportation Company") on 20th April 2007 in Boao, Hainan (®ü«n博鳌). According to the letter of intent, COSCO Pacific will acquire 30% equity interests in Fuzhou Port Group Co., LTD ("Fuzhou Port Group" or the "Group").

In March 2007, the Fujian Provincial Government (ºÖ«Ø¬Ù¤H¥Á¬F©²) and China Ocean Shipping (Group) Company ("COSCO Group") entered into a framework agreement to jointly develop several major industries in Fujian (ºÖ«Ø¬Ù), including ship building, port operation, shipping and logistics. COSCO Group is the ultimate holding company of COSCO Pacific. The Company's acquisition of stakes in Fuzhou Port Group is the first specific project of the cooperation agreement. COSCO Pacific and Fuzhou Port Group will endeavour for the future port construction and development in Fuzhou (ºÖ¦{) and the province of Fujian. Details of the cooperation are being discussed.

Fuzhou Port Group is a wholly owned subsidiary of Fujian Transportation Company, with its core businesses engaging in container terminals, coal and iron ore terminals, and other terminal related businesses. The Group operates its core businesses in Fuzhou, located in the province of Fujian in China and is one of the major hub ports along the coastal area in China. Being appointed by the Ministry of Communication, Fuzhou is one of ports operating the trial run of direct shipping between Fujian and Taiwan.

Fuzhou Port Group owns and operates a total of 49 berths mainly located in the port areas of Minjiang (»Ô¦¿), Jiangyin (¦¿³±) and Luoyuan Bay (ù·½ÆW). The deep water port area in Jiangyin is developed to handle container shipping and to provide comprehensive logistics services to the industries with its operation nearby the port area. In 2006, the Group handled 43 million tonnes of cargos, representing a 34.4% year-on-year growth over 2005 and a 50% market share of Fuzhou port. Meanwhile, the Group handled all of container throughput in Fuzhou port, which was increased by 25% to one million TEUs.

With its hinterland covering the provinces of Fujian, Jiangxi (¦¿¦è) and Hunan (´ò«n), Fuzhou port is situated in the south-eastern part of China and is a strategically important port of China to Taiwan. In 2006, Fuzhou port was ranked as the 11th largest port and 12th busiest container port in China. Its throughput is expected to reach 1.2 million TEUs in 2007 and will be likely to become a port handling more than 100 million tonnes of cargos in 2008.

By acquiring stakes in Fuzhou Port Group, COSCO Pacific will further expand its market share and strategic network of terminal operation in China. We believe that the rich natural resources in south-eastern part of China enable the region to have great potential of economic prospects. Together with the strong support from the large shipping fleet of our parent company, our investment in Fuzhou port group will further enhance the Group's profitability and maximize its enterprise value as well.