Consortium to build and operate US$200m Tianjin complex
The Tung family's Orient Overseas (International) Ltd (OOIL) is about to acquire its first stake in a mainland container port as part of a joint-venture company that will build, manage and operate a new terminal complex in Tianjin.
OOIL, whose flagship is Orient Overseas Container Lines, will join Singapore's PSA International, Britain's P&O Nedlloyd and Shanghai-listed Tianjin Port Group in a US$200 million extension scheduled to start next year.
'The shareholding structure has been agreed,' said a source close to the deal. 'We are just waiting for some of the listed firms to gain approval from their shareholders.'
OOIL also emerged yesterday as one of the three Hong Kong companies in talks to take part in a nine-berth expansion of the port of Ningbo, tipped last week by a senior official from the Ningbo Port Group.
The official said the proposed project, on Ningbo's Chuangshan shoreline, would require a US$1.05 billion investment with the initial berths coming on line by 2007.