COSCO Shipping Ports takes 4.34% stake in Beibu Gulf Port
COSCO SHIPPING Ports Limited, a leading ports operator in the world, announced that it has subscribed for 70,943,455 shares of Beibu Gulf Port Co., Ltd. (“Beibu Gulf Port&rdquoblink1.gif for a total consideration of approximately RMB 470 million, through China Shipping Terminal Development Co., Limited, a subsidiary of the Company. The shares accounts for approximately 4.34% of Beibu Gulf Port’s total issued shares. By subscribing the shares, COSCO SHIPPING Ports aim to further strengthen the cooperation with Beibu Gulf Port, and lay a foundation for the Company to participate in the integration of Guangxi ports. At present, COSCO SHIPPING Ports teams up with Beibu Gulf Port in operating Qinzhou International Container Terminal Co., Ltd.
Beibu Gulf being the gateway of the New International Land-Sea Trade Corridor (“ILSTC”, formerly known as China-Singapore Southern Transport Corridor), is strategically significance in development. The ILSTC connects the Silk Road Economic Belt in the North, and 21st-Century Maritime Silk Road in the south via Guangxi and the Association of Southeast Asian Nations (ASEAN) countries such as Singapore, it forms a complete route of the Belt and Road Initiative through Western China, plays a key role in the construction of the Belt and Road Initiative, it not only promotes the development of Western China, but also strengthens the cooperation among China and ASEAN countries.
Mr. Zhang Wei, Vice Chairman and Managing Director of COSCO SHIPPING Ports, said: “The subscription of Beibu Gulf Port’s shares further deepened the cooperation between COSCO SHIPPING Ports and Beibu Gulf Port, prepared for our participation in the integration of Guangxi Ports; the operation and economies of scale of Beibu Gulf Port should thus be further reinforced. We will continue to seek cooperation opportunities actively to further strengthen our terminal portfolio in Southwest China, and at the same time continue to extend our reach globally to build a global terminal network with controlling stake that offers linkage effects on costs, services and synergies to better serve our clients, enhance our synergies with the parent company and Ocean Alliance to create greater value and maximum returns to our shareholders.”
Source :- Dailyshippingtimes.com