Evergreen takes full control of CCT terminal in Panama

Evergreen takes full control of CCT terminal in Panama

Evergreen Marine Corp. has acquired the entire stake in a Panama terminal in a bid to strengthen its presence in the Americas.

The total investment amount to $268 million for a 100 per cent stake in Colon Container Terminal SA (CCT).

The company said this acquisition will improve its services and shipments, and boost its competitive edge in the region.

Evergreen has also purchased about 79 million shares of subsidiary Evergreen Steel Corp from the open market in after-hours trading on 4 November, spending NT3.82 billion ($119.65 million) to boost its stake in the company to about 19 per cent, the group’s President, Eric Hsieh, confirmed.

READ: Panama flags world’s largest containership

“Evergreen Marine seeks to benefit from the steel subsidiary’s stable bottom line,” said Hsieh, adding that Evergreen Steel plans to expand investments in green energy to boost profitability.

In August, Evergreen Marine completed a systematic inspection and calculation of greenhouse gas emission inventories for its business operations, including its global operating fleet, office buildings and container terminals in Taiwan.

The group earned NT100.70 billion ($3.15 billion) in net profit for the third quarter, up 26 per cent from a year earlier.

Net profit for the first nine months of the year was NT304.35 billion ($9.5 billion), up 92 per cent compared to the same period the previous year.

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