COSCO to buy extra 10% of Shanghai terminal joint venture
COSCO Ports (Pudong) Ltd. today signed an agreement to pay about $58 million to acquire S.I. Infrastructure Holdings Ltd.’s 10 percent share in Shanghai Pudong International Container Terminals Limited (SPICT).
SPICT manages and operates Phase I of Shanghai Waigaoqiao Terminal.
COSCO Ports (Pudong) Ltd. is a wholly owned subsidiary of COSCO Pacific, and will hold a 30 percent equity interest in the joint venture company after the completion of the transaction.
Shanghai Waigaoqiao Free Trade Zone Stevedoring Co. and Hutchison Ports Pudong Ltd. hold 40 percent and 30 percent equity interests in SPICT, respectively.
COSCO to buy extra 10% of Shanghai terminal joint venture
