COSCO Shipping Ports (CSP), the COSCO group’s terminal operating arm, has gained control over Tianjin Port Container Terminal (TCT), after acquiring additional shares from Tianjin Port Holdings.
[s2If is_user_logged_in()]In a filing to the Hong Kong Stock Exchange CSP said its subsidiary, COSCO Shipping Ports (Tianjin), which already holds a 10.01% stake, will increase its direct stake to 45% after buying another 34.99% from Tianjin Port Holdings. Including the 6% interest in TCT held by CSP’s subsidiary, China Shipping Terminal Development, CSP’s combined stake in TCT will become 51%.
CSP said that it is paying CNY1.35 billion (US$208.37 million) for the additional stake. Besides Tianjin Port Holdings, China Merchants International Terminals is another shareholder in TCT, with a 7.31% stake.
The company explained that having a larger stake in TCT, which is in the Bohai Rim within the Beijing-Tianjin-Hebei economic circle, will enhance its synergy with the OCEAN Alliance, of which its sister liner operator, COSCO Shipping Lines is part of.
In 2020, Tianjin was the eighth busiest container port, having handled 18.36 million TEU, up 6% year-on-year.
TCT shareholders are expected to develop the terminal into an international hub by optimising the operational efficiency of the facility and promoting the synergy of the hub-and-spoke and transhipment networks in the Bohai Rim region.
Martina Li
Asia Correspondent
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