BALtrans establishes joint venture in Shenzhen

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Last updated at: (Beijing Time) Tuesday, March 16, 2004

BALtrans establishes joint venture in Shenzhen

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Hong Kong-based BALtrans Holdings Limited (BALtrans) announced Monday that its wholly owned subsidiary of BALtrans Logistics Limited (BALtrans Logistics) has signed an agreement to establish a joint venture in Shenzhen.

The newly established logistics company is to focus on the development of container logistics services at Yantian Port, Shenzhen, BALtrans said.

The joint venture, Shenzhen Yantian Port BAL-Shing Logistics Company Limited, will be 30 percent-owned by BALtrans Logistics, 40 percent-owned by Shenzhen Yantian Port Group Co. Limited, and 30 percent-owned by Shing Kee Logistics (Shenzhen Yantian) Limited.The total investment amounts to 10 million yuan (1.2 million US dollars).

Shenzhen Yantian Port BAL-Shing Logistics Company Limited will be engaged in warehousing, distribution, customs declaration,custom clearance, value added services and some other services.

Anthony Lau Siu Wing, chairman and chief executive of BALtrans, said "We are very excited about this latest chapter in BALtrans' development in the Chinese mainland and even more so about the opportunity to work with joint venture partners such as Shenzhen Yantian Port Group Co. Limited, Shing Kee Logistics (Shenzhen Yantian) Limited."

He said that "the joint venture will leverage the combined expertise of the three companies to provide world-class container logistics series that address growing customer demands at Yantian Port, said Lau.

"It's part of BALtrans efforts to expand our Chinese mainlandoperations and capitalize on the booming direct export trade. "

BALtrans is one of the largest Hong Kong-based freight forwarding and logistic group in the region, commanding a coverage of over 50 countries worldwide.

Shenzhen Yantian Port Group Co. Limited is a state-owned portoperator authorized to manage the planning and development of the rapidly growing Yantian Port area in Shenzhen. Shing Kee Logistics(Shenzhen Yantian) Limited is a Hong Kong registered company that specializes in port logistics and ware housing operations at Hong Kong's Kwai Chung Berth 3 and Yantian Port.

Source: Xinhua

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