THREE Xiamen container terminals operators, the Xiamen International Port Company, the Xiamen ITG Group and the Xiangyu Group, have announced plans to merge their terminals, reports the Xiamen Evening Post.
The merger involves a total of 25 container berths, including Dongdu port area's #5 to #16, #20 and #21 berths, Haicang port area's #1 to #6, #18 and #19 berths and Songyu port area's #1 to #3 berths.
Unofficially called the Xiamen Container Terminal Group, a joint venture will be established to operate the merged terminal with registered capital of CNY2.44 billion (US$391.04 million) with total investment expected to run to CNY7.31 billion.
Xiamen International Port Company will hold 68.24 per cent; Xiamen ITG Group, 9.43 per cent and Xiangyu Group, 8.53 per cent. These three are owned by Xiamen state-owned Assets Supervision and Administration Commission. The rest 13.8 per cent is held by the Hong Kong-based and listed New World Port Investments Limited.
As New World Port Investments is a foreign-invested company, the joint venture will need to get approval from the Ministry of Commerce, an unnamed person from the Xiamen ITG group said.
"Nearly all state-owned container terminals in Xiamen will be merged together", an unspecified person close to the deal disclosed. The Xiamen state-owned Assets Supervision and Administration Commission attaches great importance to the merger, which has been planned for years.
PORTS
28 February 2013 - 17:40
Port of Xiamen to merge three container terminals to provide 50 berths
THREE Xiamen container terminals operators, the Xiamen International Port Company, the Xiamen ITG Group and the Xiangyu Group, have announced plans to merge their terminals...
PORTS
28 February 2013 - 17:40
Port of Xiamen to merge three container terminals to provide 50 berths
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