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Breaking News Home | All | Religion | Society | Tech | Choice | SA Newsroom
FRONT PAGE  |  10/22/2019
THURSDAY, MAY 2, 2019  |  2 comments
US security concerns force Cosco-owned Orient Overseas to sell Long Beach port in California
A Hong Kong-based company has been forced to sell its American container port after the US government raised security concerns about its parent being a Chinese state-owned shipping giant.

Orient Overseas (International), which is majority-owned by Cosco Shipping Holdings, will sell off its entire interest in Long Beach Container Terminal in California for US$1.78 billion (HK$13.97 billion) in cash, according to a stock exchange filing on Tuesday morning.

The sale to a US infrastructure fund is the fulfilment of a national security agreement signed last year and is expected to net OOIL a profit of US$1.29 billion (HK$10.15 billion), the company said in the announcement. ...


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News Item5/3/19 5:01 PM
Douglas Fir | Zones Four to Six  Find all comments by Douglas Fir
Don't worry, Mr. Lee, they won't be using any of this after Alexandria's GReen Plan goes into effect. We'll be going back to sailboats.
2

News Item5/3/19 4:29 AM
John Lee | UK  Find all comments by John Lee
Phew, I didn't realise there was so much money in boats.
1
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