APM Terminals and Hong Kong-based COSCO Shipping Ports Limited – a subsidiary of China COSCO Shipping Corporation Limited – have reached an agreement on the key terms of the proposed sale of APM Terminals’ 76% majority shareholding in the existing APM Terminals Zeebrugge Container Terminal in Belgium.
The acquisition will bring COSCO Shipping Ports’ shareholding in the 1 million TEU annual capacity terminal to 100%. As part of the transaction, APM Terminals has proposed to buy back 25% of the Shanghai International Port Group (“SIPG”) shares and will then sell them together with APM Terminals’ own 51% stake in Zeebrugge to COSCO Shipping Ports.
Further details of the transaction have not been disclosed which is subject to customary regulatory approvals. The process is expected to take three to four months to complete.
“Our decision to divest Zeebrugge reflects our portfolio strategy to focus on long term core assets. We believe COSCO Shipping Ports is the right long-term owner of the Zeebrugge facility and will continue to grow the port for customers, employees and the Zeebrugge stakeholder community,” said Wim Lagaay, Head of APM Terminals USA and Europe Portfolio.
