Companies
Company expands with port investment
By Chen Jialu (China Daily)
Updated: 2010-05-18 10:14
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The busy Laizhou port in Shandong province. [Provided to China Daily] |
Shenzhen Chiwan Wharf Holding, a port unit of China Merchant's Group, have acquired a 40 percent stake in Laizhou port in Shandong province, reflecting its optimism due to the rebound of global trade this year after the financial recession.
Shenzhen Chiwan, last week signed an agreement with a port logistics firm in Shenzhen to invest 750 million yuan for a 40 percent stake in Zhonghai Port Development, the container operator of Laizhou Port, the company said in a statement filed with Shenzhen Stock Exchange last Thursday.
The Shenzhen-listed company, based in south China's Pearl River Delta, the so-called World Factory, is engaged in the handling, storage and transportation of containers and bulk cargo.
The targeted company, a subsidiary of State-owned China Overseas Holdings Ltd, operates 12 berths with a capacity of 25 million tons.
The company said it will seek further port investment opportunities to extend its presence across the country.
The company has been vying for port investment beyond Guangdong province for years, but its extension plans were hindered due to the global recession in the past two years.
Q1 results impress
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In 2009, the cargo and mail turnover of Laizhou Port totaled 12.86 million tons, an increase of 47 percent year-on-year. The cargo principally consists of petrochemical products, ore and crude salt.
Zhonghai Port Development recorded operating revenue and net profit of 230 million yuan and 71 million yuan respectively last year.
As of the end of March, Zhonghai Port Development had 950 million yuan in net assets and 1.63 billion yuan total assets. It was established in 2004 with a registered capital of 1 million yuan.