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Rising trade spurs terminal share buy
Source: Bloomberg News |
December 20, 2012, Thursday
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Print Edition
Print Edition
CHINESE mainland port operators have agreed to buy a US$135 million stake in a container terminal in Taiwan, the second-biggest mainland purchase on the island on rising cross-Strait trade volumes.
China Merchants Holdings International Ltd, Cosco Pacific Ltd and China Shipping Group Co will each buy 10 percent of the terminal in Kaohsiung, the biggest port on the island, according to a statement yesterday. Taiwan's shipping line Yang Ming Marine Transport Corp will remain the largest shareholder following the transaction.
Opened in January 2011, the first phase of the Kao Ming terminal handled 1.08 million containers in its first year, compared with a 1.4 million design capacity. Two more berths, which will double its capacity, are due to open in 2014.
China Merchants Holdings International Ltd, Cosco Pacific Ltd and China Shipping Group Co will each buy 10 percent of the terminal in Kaohsiung, the biggest port on the island, according to a statement yesterday. Taiwan's shipping line Yang Ming Marine Transport Corp will remain the largest shareholder following the transaction.
Opened in January 2011, the first phase of the Kao Ming terminal handled 1.08 million containers in its first year, compared with a 1.4 million design capacity. Two more berths, which will double its capacity, are due to open in 2014.
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