SIPG seals 1st overseas acquisition
By Ding Yining |
May 29, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI International Port Group yesterday announced it will spend 27 million euros (US$33.7 million) to complete its first overseas acquisition deal.
Under its agreement with APM Terminals, SIPG will gain 25 percent stake in the port of Zeebrugge and will become the second-largest shareholder of the Belgium port. APM Terminals, the terminal operator under AP Moller-Maersk Group, will hold the remaining 75 percent.
APM Terminals hopes to learn port operations from SIPG and lure more shipping lines to the Belgium port. SIPG said it will send vice managers and senior management staff to run the port's daily operations.
The original framework with APM Group was signed in 2006 but the project was delayed as the global financial crisis broke out in 2008.
In 2002, SIPG and APM Terminals set up Shanghai East Container Terminal to run a terminal in Shanghai.
Zeebrugge is Europe's sixth-largest container port with an annual capacity of 850,000 TEUs.
Under its agreement with APM Terminals, SIPG will gain 25 percent stake in the port of Zeebrugge and will become the second-largest shareholder of the Belgium port. APM Terminals, the terminal operator under AP Moller-Maersk Group, will hold the remaining 75 percent.
APM Terminals hopes to learn port operations from SIPG and lure more shipping lines to the Belgium port. SIPG said it will send vice managers and senior management staff to run the port's daily operations.
The original framework with APM Group was signed in 2006 but the project was delayed as the global financial crisis broke out in 2008.
In 2002, SIPG and APM Terminals set up Shanghai East Container Terminal to run a terminal in Shanghai.
Zeebrugge is Europe's sixth-largest container port with an annual capacity of 850,000 TEUs.
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