COSCO Shipping Ports Limited announced that it has acquired majority stakes in Xiamen Haicang Free Trade Port Zone Investment and Construction Management Co. Ltd. and in Xiamen Ocean Gate Container Terminal Co. Ltd.
The acquisition will enable COSCO to build an integrated logistics service platform that will provide one-stop logistics services to its customers.
The first acquisition was a 56% equity interest in Xiamen Haicang Free Trade Port Zone Investment and Construction and Management Co. Ltd. The deal was finalized on December 30, 2022. The company, now a subsidiary of COSCO, owns a total land area of about 530,000 square meters in addition to yards, factories, and other logistical assets in Xiamen Haicang Port Comprehensive Bonded Area.
The second acquisition was a 30% equity interest in Xiamen Ocean Gate Terminal Co. Ltd. and it was completed on February 23, 2023. The terminal is primarily involved in container terminal businesses in the Haicang Port Area of Xiamen. This terminal is also the main deep water port in the southeastern coastal region of China and is one of the country’s first 5G smart ports.
COSCO stated that both of these companies will be integrated into its global business network. This will allow COSCO to build a highly efficient, safe, and convenient supply chain which can provide both domestic and international services to its customers.
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