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Yang Ming goes for NT$15bn syndicated loan

Yang Ming goes for NT$15bn syndicated loan

Taipei: Taiwan's Yang Ming Marine Transport Corp will sign a NT$15 billion (US$458.5 million), 30-year syndicated loan Thursday to finance the construction of four large container berths at Kaohsiung Port, the company's vice president for planning, Winsor Huang, told Dow Jones Wednesday.

The lead managing banks for the syndicated loan are Taipei Fubon Bank and Mega International Commercial Bank Co., Huang said.

"Building our own container berths will allow us to control costs," the executive said.

The berth construction is part of the sixth Kaohsiung Port Container Center build-operate-transfer project. The government awarded the BOT contract to Yang Ming Marine last year.

The total cost of the project is NT$18.2 billion. The rest of the investment cost will be covered by Yang Ming Marine's own funds, said Huang. [18/12/08]