China Merchants Holdings Annual General Meeting approves five resolutions
China Merchants Holdings (International) Company Limited held an Annual General Meeting (the "AGM") on 18 June 2013. The meeting was presided over by Vice Chairman Li Jianhong, and attended by Executive Directors Li Yinquan, Su Xingang, Yu Liming, Hu Jianhua, and Zheng Shaoping, said in the company's press release.
As more than 50% of the votes were cast in favour of each of the five resolutions, all of them proposed at the AGM were duly passed as ordinary resolutions. For details, please kindly refer to the announcement on the website (www.cmhi.com.hk).
The Company's Vice Chairman Li Jianhong, Managing Director Hu Jianhua, Deputy Managing Director Zheng Shaoping and Deputy General Manager & CFO Zhang Rizhong were interviewed by journalists afterward.
Mr. Li Jianhong said: "This year from January to May, the company's container throughput growth is higher in north than south. The Mainland China and overseas overall growth is 9.2%. As contributions from recent investments in Terminal Link, DjiboutiЁЏs PDSA and Kao Ming Container Terminal at Port of Kaohsiung in Taiwan, coupled with CICT in Sri Lanka and LCT in Togo would be put into operation later this year, the company expects full-year growth in container terminal throughput will exceed 10%. As for other overseas acquisition projects are still under active research and negotiations, we hope the revenue from future port projects overseas to be more than 30% of the company's total revenue. "
The media are very concerned about Bagamoya project's progress in the United Republic of Tanzania. Dr. Hu Jianhua said: "The negotiations are actively underway. It has not yet reached a formal agreement. Since the project's investment period will be up to 20-30 years, with capital investment in installments, in addition to the company, there are many other companies and customers actively involved in the case, final total investment reached US$ 10 billion is not impossible. "
As for recent volatility of the shipping market, the Company's Deputy Managing Director Zheng Shaoping said: "As terminals and its customers to sign a contract with one, three or ten year period, short-term fluctuations will not affect our handling charges."
