Manila: International Container Terminal Services Incorporated (ICTSI) is to purchase of 60% of Chinese port operator, Yantai Gangtong Container Terminal Company (YGCTC). The purchase - ITCSI's first venture into the Chinese port market - is part of a joint venture with state owned Yantai Port Group Company and SDIC Communication, each of which will retain a 20% stake in YGCTC.
The transaction is subject to regulatory approvals in the People's Republic of China, including the approval for the conversion of the YGCTC into a Sino-foreign joint venture enterprise.
Located within the Port of Yantai, YGCTC operates container berths 38/39 of the Yantai Gangtong Terminal, including a 280,000-square meter container yard and back up area. Container traffic through the port saw a 68.4% surge last year to 1.169m teus. [10/01/07]
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