Metalnewsnet 6 May ：

China Knowledge reported that COSCO Pacific Ltd will spend USD 520 million to raise its stake in Yantian Terminals increasing the company market share in South China's terminals market.

COSCO Pacific will buy a 13.70% effective interest in Sigma Enterprises Ltd from Maersk Holdings BV. After the deal, COSCO Pacific total shareholding in Sigma Enterprises will be 20.55%.

Sigma assets include a 73% interest in phases one and two of Yantian Terminals a 65% interest in phase three and a 65% interest in the joint venture that manages and operates Yantian Terminals.

COSCO Pacific realized USD 172.5 million in net profit last year 37% less than the USD 274.7 million it earned in 2008.

In a statement filed with the Hong Kong Stock Exchange, the company attributed the drop in profit to a significant drop in its container throughout amid the global economic downturn and financial crisis. However, its business performance has been getting better since the end of last year because of rapid recovery in the Chinese economy.

(from China Knowledge)