COSCO Pacific Ltd, operator of the shipping conglomerate COSCO Group's terminal portfolio, announced on Friday it will further inject RMB 75.08 million into the second phase of the Suez Canal Container Terminal, mainly fueled by higher costs of construction materials, sources reported.
According to the report, the investment would total US$185 million from US$137 million upon the completion of the injection.
The capital injection would be the Chinese shipping operator's second additional investment in the project, of which it owns 20%, after raising it from US$68.75 million in April.
COSCO Pacific is still exploring overseas investment opportunities in a bid to turn itself a global player despite recent downturn in the global shipping market.
The company announced late last month that it has clinched a deal to win a 35-year franchise operating right of the Piers 2 and 3 terminals at the port of Piraeus in Greece, China Knowledge reported earlier.
Shares of COSCO Pacific plummeted 8.06% to HK$6.62 on Friday.
According to the report, the investment would total US$185 million from US$137 million upon the completion of the injection.
The capital injection would be the Chinese shipping operator's second additional investment in the project, of which it owns 20%, after raising it from US$68.75 million in April.
COSCO Pacific is still exploring overseas investment opportunities in a bid to turn itself a global player despite recent downturn in the global shipping market.
The company announced late last month that it has clinched a deal to win a 35-year franchise operating right of the Piers 2 and 3 terminals at the port of Piraeus in Greece, China Knowledge reported earlier.
Shares of COSCO Pacific plummeted 8.06% to HK$6.62 on Friday.