Cosco Shipping Ports buys into Guangxi container terminal
Cosco Shipping Ports has
announced that subsidiary China Shipping Terminal Development has proposed to
acquire a 26% equity interest in Guangxi Beibu Gulf Terminal, through the
injection of its entire 40% equity interest in Guangxi Qinzhou Terminal into
the latter and a cash consideration of RMB486.8m ($71.9m).
Guangxi Beibu Gulf Terminal manages four container
Guangxi Beibu Gulf Terminal
manages four container berths of the container terminal in Qinzhou Port while
Guangxi Qinzhou Terminal operates another two container berths at the port.
Upon completion of the deal,
Cosco Shipping Ports will become the second largest shareholder of Guangxi
Beibu Gulf Terminal.
The proposed investment is in line with its strategy
of enhancing control over terminal assets
Cosco said the proposed
investment is in line with its strategy of enhancing control over terminal
assets, and the company believes the terminal will benefit from the promotion
of the Western New Land and Marine Routes strategy by the central government.