Sime Darby signs MoU with Yantai Port Holdings, Zhoushan Guanquan Shipping

Sime Darby signs MoU with Yantai Port Holdings, Zhoushan Guanquan Shipping
Business & Markets 2013
Written by Bernama
Thursday, 28 November 2013 20:27

KUALA LUMPUR (Nov 28): Sime Darby Bhd's indirect subsidiary, Weifang Sime Darby West Port Co Ltd, has signed a memorandum of understanding (MoU) with Yantai Port Holdings Co Ltd and Zhoushan Guanquan Shipping Co Ltd, to accelerate container business growth at Weifang Sime Darby Port in Shandong Province, in China.

Yantai Port Holdings and Zhoushan Guanquan Shipping intend to jointly establish a joint-venture company, to operate container handling operations via the leasing of existing container berths and facilities at the Weifang Sime Darby Port, and through suitable means.

They will also jointly invest and operate a 3x30,000 tonnes container terminal and supporting container freight station within Weifang Sime Darby Port," said Sime Darby, in a filing to Bursa Malaysia today.

The MoU does not constitute any legal binding obligation between the parties, until relevant approvals have been obtained and definitive and binding agreements are executed.

None of the directors or substantial shareholders of Sime Darby or people connected to them, has any interest, direct or indirect, in the MoU.