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PSA invests in China's inland railway container terminal network
PORT operator PSA International has invested into a Sino-foreign joint venture tasked by the Chinese government with developing and operating 18 railway container terminals within the country.
The investment into China United International Rail Containers Co Limited (CUIRC) will make PSA the only shareholder with global terminal operations, said PSA in a news release on Wednesday.
The deal is made through the acquisition of Hong Kong's Luck Glory International limited which owns 15.33 per cent of CUIRC. The investment amount was not disclosed.
Established in 2007, Beijing-based CUIRC is part of China Railway Corporation. Other joint venture partners include China Railway Container Transport Corp Ltd, NWS Holdings Limited, China International Marine Containers (Group) Ltd, and Deutsche Bahn Mobility Logistics AG.
Said PSA group CEO Tan Chong Meng: "The CUIRC project is a game changer for PSA and fits into our overall strategy for China. With our current presence in major China gateway ports, PSA is well-positioned to develop synergies with CUIRC to grow integrated sea-rail intermodal operations across the world's second largest economy."
He added: "I am confident that we will be able to forge strategic relationships with our partners, leveraging our complementary strengths to make the collaboration a success."