On April 23, the Anti-monopoly Law Enforcement Division II of the State Administration of Market Supervision and Administration issued an announcement announcing that COSCO Shipping Port Co., Ltd. (referred to as COSCO Shipping Port) and Hutchison Port Europe Co., Ltd. (referred to as Hutchison Port Europe) and other operators have newly established joint ventures.
The announcement shows that COSCO Shipping Port, Hutchison Port Europe and Dafei Terminal Co., Ltd. (referred to as Dafei Terminal) signed an agreement to establish a joint venture to develop and operate container terminals in Egypt.
Upon completion of the transaction, Hutchison Port Europe, COSCO Shipping Port and Dafei Terminal will hold 50%, 25% and 25% equity interests in the joint venture, respectively, and jointly control the joint venture.
COSCO SHIPPING Ports is a global port operator with the ultimate controller being COSCO SHIPPING Group. The main business of COSCO Shipping Ports includes: cargo transportation, logistics, ship construction and maintenance, ship management services, marine engineering, terminal operations, and related financial and information technology services.
The ultimate controller of Hutchison Port Europe is Cheung Kong Hutchison Industrial Co., Ltd. Hutchison Port Europe and its associated entities engaged in container terminal services develop and operate container terminals on a global scale and provide supporting logistics services.
Dafei Terminal is a subsidiary of Dafei Group, which mainly provides port terminal services.
Source: China Shipping Weekly