The move is meant to boost Cosco Pacific's terminal business development and develop it as its key earnings growth driver. The acquisition will complement the existing terminal business portfolio of the group.
Taicang International Container Terminal is one of the deep-water ports of the Yangtze River Delta region and is located within the Suzhou city region of Jiangsu province in eastern China and within easy reach of Shanghai.
Separately, Cosco Pacific also announced it has issued $300m in guaranteed notes due 2023. The notes will be "used primarily for the capital investment for the expansion of the group's terminal and container leasing businesses, the repayment of the group's existing indebtedness, and general corporate purposes," according to a company statement.
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