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Article: China: COSCO Pacific seek expansion of overseas terminal networks.
- Article from:
- TendersInfo
- Article date:
- September 4, 2009
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Byline: pinto03
It is reported that COSCO Pacific, China's biggest port operator, is seeking to expand its overseas terminal networks and increase its stakes in terminals.
The expansion comes despite the company posting a 31.8%YoY drop in net profit for the H1 of this year. Details of the expansion plans were not immediately available.
The company also announced that an agreement is in place to sell 49% of its wholly owned subsidiary CP Logistics to parent China COSCO Holdings for USD 292.6 million in cash. China COSCO indirectly owns about 51% of COSCO Pacific.
Net profit for the port operator fell to USD 104.51 million in H1 from ...