SIMIC

COSCO Shipping Ports purchased 30% equity of Xiamen Ocean Gate via its wholly-owned subsidiary COSCO Shipping Ports Xiamen (CSPX) to strengthen container related business.

Upon completion of the deal, Xiamen Ocean Gate will become a wholly-owned subsidiary of CSPX.

Xiamen Ocean Gate is principally engaged in the operation of the container terminal at the port of Haicang District, Xiamen, which is a major deep-water port along the south-eastern coastal region.

The proposed acquisition of the remaining 30% equity interest in Xiamen Ocean Gate will be a meaningful step in realising the company’s strategy of creating greater value and is in line with the company’s strategy of enhancing control over terminal assets, which is expected to result in an increase in the overall profitability of the terminal business. 

As the “home port” of the company’s domestic container terminals, Xiamen Ocean Gate has good momentum for business development and remarkable production and operation achievements. It is also the company’s talent training base and a benchmark for technological innovation and smart port operations. The transaction is conducive to further driving the development of Xiamen Ocean Gate and providing higher quality services for customers, said COSCO Shipping Ports.