Shanghai Port step closer to local listing

Shanghai: Shanghai Port Container Co Ltd's shareholders have approved a proposal by parent Shanghai International Port (Group) to buy it out. Shanghai International Port (Group), China's biggest port, has announced a plan to list on the Shanghai Stock Exchange after buying out the listed company in a deal worth over $1bn. Shanghai Port handled a total of 263 million tons of cargo in the first half of this year, up 29.2 per cent year on year, continuing its reign as the world's largest port. Authorities warn of the problems the port is facing as it is working far in excess of its design capacity at present. With its new mega container port opened since last November, Shanghai will handle in excess of 20m teu this year.  [08.08.06]