[September 29, 2004 – Shanghai] Shanghai International Port Group (SIPG) and the Hutchison Port Holdings (HPH) Group have entered into an agreement to form a joint venture to invest a container terminal at Shanghai Waigaoqiao Phase V (WGQ Phase V).
The newly formed company – Shanghai Mingdong Container Terminals Limited – is a new joint venture between SIPG and Hutchison Ports Waigaoqiao Limited, a subsidiary of the HPH Group, with 50-50 shareholding arrangement. SIPG holds 50% with the remaining 50% by the HPH Group. With a tenure of 50 years the joint venture has a registered capital of RMB 4 billion.
Lu Haihu, President of Shanghai International Port (Group) Co., Ltd. said, “The development of WGQ Phase V is another important historical opportunity for the group. This is the beginning of a series of developments, which is much related to the nation’s strategy of accelerating the establishment of Shanghai International Shipping Centre.”
Commenting on the cooperation, Group Managing Director of HPH, John Meredith said, “HPH is pleased to team up once again with SIPG to spearhead the development of WGQ Phase V into a world-class container terminal. We are working closely with SIPG towards our shared vision of creating a great maritime hub.”
WGQ Phase V will come on stream as soon as all civil works are completed and when it receives all approvals from the relevant government departments.