Business Activities News
- COSCO in talks on Jiangsu port stake
Date: 23-May-2007 Sources: (Shenzhen Daily)
SHIPPING conglomerate China COSCO Group is in talks to buy a controlling stake in an expansion of a fast-growing port in Jiangsu Province, the South China Morning Post reported yesterday.
The State-owned firm is in exclusive talks on taking a 55 percent stake in the 6.6 billion yuan expansion project, the paper quoted Huang Cheng, deputy party secretary of the terminal's manager, Lianyungang Port Group, as saying. COSCO signed a memorandum of understanding with Lianyungang and the final agreement would be signed by the end of this year, the official said. The 11 berths are due for completion by 2012.
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