Cosco strikes merger agreement
COSCO SHIPPING Ports has reportedly entered into a merger agreement with Tianjin Port Holdings and China Merchants International Terminals.
Under the agreement, the three groups will merge their Tianjin container terminal assets, Tianjin Port Container Terminal Company (TCT), Tianjin Five Continents International Container Terminal Company (FICT) and Tianjin Orient Container Terminal Company (TOCT), stated Splash.
Upon completion of the merger, TCT will be the entity to absorb all assets, credits, debts and employees of FICT and TOCT.
COSCO believes that the merger will optimise the allocation of resources, enhance the unified management of the relevant terminals and lower operational costs.
Port Strategy has contacted COSCO for comment.
By Rebecca Jeffrey
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