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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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A.P. Moller-Maersk Group subscribes 33.9% equity interest of COSCO Ports (Nansha) Limited

Date:2007-08-22     Publish:本站

A.P. Moller-Maersk Group Subscribes 33.9% Equity Interest of COSCO Ports (Nansha) Limited
 

On 16th December 2005, COSCO Ports (Nansha) Limited ("COSCO Nansha Company"), the wholly owned subsidiary of COSCO Pacific Limited ("COSCO Pacific" or the "Company"), joined together with Guangzhou Port Group Co. Ltd to establish Guangzhou South China Oceangate Container Terminal Company Limited ("South China Oceangate Terminal Company" or the "Joint Venture Company"). COSCO Nansha Company holds 59% equity interest in this Joint Venture Company. Afterwards, A.P. Moller-Maersk Group and the Company have been elaborating further cooperation on this terminal investment. On 22nd August 2006, the Company entered into agreement with A.P. Moller-Maersk Group which would subscribe 33.9% equity interest of COSCO Nansha Company. Please refer to shareholding structure mentioned below.

After completion of share subscription, A.P. Moller-Maersk Group will indirectly hold about 20% equity interest of South China Oceangate Terminal Company. A.P. Moller-Maersk Group, Guangzhou Port Group Co. Ltd and the Company will construct, manage and operate six berths of No. 5 to 10 at Guangzhou Nansha Port Phase Two ("the Terminal").

Total investment and the registered capital of the Joint Venture Company are approximately RMB4.01 billion and RMB1.40 billion respectively. The annual handling capacity of the Terminal is 4.2 million TEUs. The first two berths of it are expected to commence operation by the end of this year. All of the six berths are expected to be in operation by the end of 2007.

With its superior geographical location, well equipped coastal facilities and enormous sources of cargo origin from its hinterlands, Guangzhou Port demonstrates great potential to become one of the leading ports in the world. In 2005, Guangzhou Port handled 4.7 million TEU and ranked the sixth largest port in China Mainland. Guangzhou Municipal Government has ambitious plan of deepening and widening shipping channel to provide two-way lanes accommodating large vessels of over 100,000 DWT to call Guangzhou port.

A.P. Moller-Maersk Group is the largest container shipping company in the world and the significant partner for COSCO Pacific's terminal investments in several major ports in China including Shenzhen, Qingdao and Dalian. With this well-established relationship, our senior management strongly believes that the competitive edge of business development of the Terminal will be further enhanced with A.P. Moller-Maersk Group joining as an indirect shareholder of South China Oceangate Terminal.

  • Share Holding Structure before Share Subcription

     

  • Share Holding Structure after Share Subscription