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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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Increase 10% equity interest in Shanghai Pudong International Container Terminals Limited

Date:2006-04-19     Publish:本站

Increase 10% Equity Interest in Shanghai Pudong International Container Terminals Limited
 

On 19th April 2006, COSCO Ports (Pudong) Limited, a wholly owned subsidiary of COSCO Pacific Limited ("COSCO Pacific" or "the Company"), entered into a share transfer agreement with S.I. Infrastructure Holdings Limited which agreed to transfer its 10% equity interest in Shanghai Pudong International Container Terminals Limited ("SPICT" or "the Joint Venture Company") to COSCO Ports (Pudong) Limited. The share transfer consideration is RMB465 million (approximately equivalent to US$58 million). After the completion of share transfer, COSCO Pacific will hold 30% equity interest of the Joint Venture Company, while Shanghai Waigaoqiao Free Trade Zone Stevedoring Company and Hutchison Ports Pudong Ltd. remain to hold their 40% and 30% equity interests in SPICT respectively.

Being located at Waigaoqiao free trade zone area, SPICT manages and operates Phase I of Shanghai Waigaoqiao Terminal. The terminal is well equipped and capable of handling the new generation of container vessels. In terms of facilities, the terminal has three berths with a total quay length of 900m and depth alongside side of 12m. SPICT covers a total land area of 500,000m2 with its yard area of about 283,000m2. In addition to handle domestic shipping cargoes, SPICT provides comprehensive terminal services to the world-class shipping liners offering direct calls from SPICT to ports worldwide.

SPICT commenced its operation on 1st March 2003. The terminal's container throughput grew strongly and reached 2.47 million TEUs in 2005. Being located at the major hub port in China, SPICT will have a prosperous future.

In 2005, Shanghai remained the busiest port in China Mainland. During the year, the port handled 18.1 million TEUs of containers ranking it as the third largest port around the world. Benefiting from the China economic growth, Shanghai port will sustain solid container throughput growth in future.

COSCO Pacific endeavors to expand and enhance our container terminal investments in China and overseas. Our senior management strongly believes that an increase of 10% equity interests in SPICT will strengthen our terminal network in Yangtze River Delta in China. Moreover, SPICT is a currently operating terminal. Therefore it will further enhance our overall profitability by its profit contribution to COSCO Pacific in 2006.