Singapore's PSA Int'l to acquire stakes in Lianyungang container terminal

PSA International (PSA), one of the leading global port groups, said on Tuesday here that its subsidiary has signed a sale and purchase agreement to acquire stakes in a new container terminal company in Lianyungang Port in China's Jiangsu Province.

The joint venture (JV) between PSA and Lianyungang Port Group is said to "take over the container terminal project from China Shipping Container Lines, pending regulatory approval."

The container terminal has its designed capacity of 2.8 million Twenty-foot Equivalent Units (TEUs) and it's slated to commence operations in 2014.

The PSA said the JV marks its first major foray into China's Yangtze River Delta region, one of the most important economic regions in China linking many key cities.

"Lianyungang's strategic location, established transport infrastructure and extensive hinterland offer tremendous potential for this joint venture to ride the waves of continuous growth in the Yangtze River Delta region," Tan Chong Meng, the Group CEO of PSA, said in a statement.