COSCO SHIPPING Ports Limited is pleased to announce that the acquisition of 56% of the equity interest in Xiamen Haicang Free Trade Port Zone Investment and Construction Management Co., Ltd. and 30% of the equity interest in Xiamen Ocean Gate Container Terminal Co., Ltd. has been completed on 28 February 2023.
COSCO SHIPPING Ports plans to use Xiamen as the core of its overall strategic layout, expand the terminal’s business chains, build an integrated ports and logistics service platform, provide one-stop logistics services for customers, and build a win-win platform for upstream and downstream maritime suppliers.
On 30 December 2022, CSTD (a wholly-owned subsidiary of the Company) entered into the Equity Transfer Agreement with Xiamen Haitou Supply Chain (a wholly-owned subsidiary of Xiamen Haicang Investment Group) in relation to the sale and purchase of 56% of the registered share capital of the Free Trade Port Zone Company. After the acquisition is completed, the Free Trade Port Zone Company will become a subsidiary company of COSCO SHIPPING Ports as well as its first supply chain platform.
Using the advantage of COSCO SHIPPING Ports’ domestic and international terminals, as well as its back-end resources on land, it will be able to integrate into COSCO SHIPPING Ports’ global business network, develop extended port logistics businesses, and achieve a layout which includes both domestic and international supply chain bases. Through the ‘ports + supply chain’ model, it will become a leading domestic and international supply chain headquarters based in Xiamen, and provide highly efficient, safe and convenient supply chain services for customers both domestically and internationally.
The Free Trade Port Zone Company is located in the Xiamen Haicang Port Comprehensive Bonded Area, and mainly owns warehouses, yards, factories and other related logistical assets that have a total land area of around 530,000 square meters. Its many subsidiary and non-subsidiary companies mainly engage in related activities including port logistics, cold chain logistics, container yards and China-Europe train services.
Click here to read the full press release.
For more information: doc.irasia.com