SIPG confirms takeover of Wuhan Port
Shanghai International Port (Group) Co. Ltd., operator of the port of Shanghai and one of the largest container terminal operators in Asia, confirmed it has acquired control of Wuhan Port, located upriver from Shanghai on the Yangtze River.
A purchase agreement made June 18 in Wuhan will give Shanghai International Port group a 55-percent shareholding in Wuhan Port. The cost of the purchase was RMB371 million ($45 million).
Shanghai International Port acquired a 30-percent stake in the Wuhan port, while its subsidiary Shanghai Port Container Co. Ltd. bought another 25 percent. A spokeswoman for the port of Shanghai said the takeover forms part of its strategy of investing in terminals and logistics facilities along the Yangtze River.
“We are aiming at establishing several hub ports along the river which can collect all the cargo from their hinterland and transport it via barge to Shanghai,” she said. “Wuhan will be one of the hub ports and we have invested in Wuhan Container terminal several years ago.”