Cosco Pacific buys 39.04pc Taicang terminal stake from parent company

CHINA Ocean Shipping Co (COSCO) has transferred its 39.04 per cent stake in International Container Terminal (TICT) at Taicang up stream from Shanghai on the Yangtze to its own terminal operator, Cosco Pacific.

According to TICT website, Cosco group maintains a 45.9 per cent share of the terminal, which is majority owned by Hong Kong's Modern Terminals.

Taicang became famous in 2010 when ill-fated start-up The Containership Company (TCC) made it its base in a shuttle service to the US west coast.

Separately, Cosco Pacific announced it has issued US$300 million in guaranteed notes due 2023. The notes will be "used primarily for the capital investment for the expansion of the group's terminal and container leasing businesses, the repayment of the group's existing indebtedness, and general corporate purposes," said a company statement.