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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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Dalian Port Container Terminal Co., Ltd. acquisition for four berths of Dalian Dayaowan phase II

Date:2005-09-28     Publish:本站

On 26 September 2005, Dalian Port Container Terminal Co., Ltd. (the " joint venture company"), 20% owned by COSCO Pacific Limited ("COSCO Pacific"or the "Company"), announced that it entered into an agreement with Dalian Port (Group) Co., Ltd. to acquire Berth No. 13, 14, 15 and 16 of Dalian Dayaowan Phase II by stages, and responsible for container terminal facility installation and the subsequent management and operation for a period of 50 years.

Following the leasing agreement of Berth No. 11 and 12 of Dalian Dayaowan Phase II on 8 July 2005, current acquisition of Berth No. 13, 14, 15 and 16 further signifies the joint venture partners' cooperation effort to ensure its strong foothold in container terminal business in Dalian Port. To cope with the joint venture company's expansion commitment, registered capital and total investment have been increased to RMB1.28 billions and RMB3.8 billions, respectively. Of which, registered capital injection is expected to complete in 3 years, and the Company expects to satisfy its respective share through internal resources. Further investment requirement will be satisfied through various financing means at the joint venture level.

Dalian Port Container Terminal Co. Ltd. was jointly established by COSCO Ports (Dalian) Limited, a wholly owned subsidiary of COSCO Pacific, Dalian Port Container Co., Ltd., PSA China Pte. Ltd. and APM Terminals Dalian Company Limited in September 2004, with respective equity interest of 20%, 35%, 25% and 20%.

Dalian Dayaowan Phase II comprises Berth No. 11 to 16, with designed annual handling capacity of 0.7 million TEUs for Berth No. 11 and 12, and 2.1 millions TEUs for Berth No. 13 to 16. It has a total site area of about 1.25 millions square meters, quay length of 2,097 meters and water depth alongside ranging from 13.5 meters to 17.8 meters, capable for handling Super Post Panamax vessels.

Following the PRC government's policy of "Re-energisation of the Northeastern Region" in October 2003, Dalian Port has been rapidly developed into the "Shipping Centre of Northeast Asia", along with rising trade flow in the northeastern economy. In 2004, annual container throughput growth of Dalian Port reached 32.4%, ranking second among all ports in China. In view of favorable policy and strong economic development in the region, COSCO Pacific is confident that Dalian Port will demonstrate continuous growth potential and provide promising investment rewards to shareholders