[11 March 2005 – Hong Kong] – Hutchison Port Holdings (HPH) is pleased to announce that, following the completion of the acquisition of a majority stake in Wonly Obszar Gospodarczy S.A. (the “Company”) at the Port of Gdynia, Poland, the official new name of the Company has been changed to Gdynia Container Terminal S.A. on 28 February, 2005. The announcement of the acquisition agreements was first made on 22 October 2004.
John Meredith, Group Managing Director of HPH said, “Gdynia Container Terminal will become a major container port in the Baltic region as we embark on a series of investment programmes to convert the terminal into a modern container handling facility. HPH considers this is a very significant step towards developing our presence in the region.”
The first phase of the development is scheduled for completion in the fourth quarter of 2005.
The Port of Gdynia is located on the Southern coast of the Baltic Sea where 90% of Polish sea-borne containerized cargo is handled.