Cosco Shipping Ports (Tianjin), a wholly-owned subsidiary of Cosco Shipping Ports, entered into the equity transfer agreement with Tianjin Port Holdings to acquire an additional 34.99% equity interest Tianjin Port Container Terminal (TCT).
Located in the Beijing-Tianjin-Hebei Economic Circle, TCT enjoys favorable geographical advantage and is highly competitive in the Bohai Rim area.
CSP said that the acquisition was in line with the company’s strategic planning, and it will further enhance the group’s synergy with the Ocean Alliance and continue to strengthen the group’s leading position in the Greater China region.
Upon the completion of the transaction, Cosco Shipping Ports (Tianjin) will hold a 45% equity interest in TCT, and TCT will become a subsidiary of the company.