If you are in doubt
as to any aspect of this circular or as to the action to be taken, you should consultyour stockbroker or other registered securities dealer, bank manager, solicitor, professional accountantor other professional adviser.
If you have sold or transferred
all your shares in
COSCO Pacific Limited
, you should at once handthis circular to the purchaser or the transferee or the bank, stockbroker or other agent through whomthe sale or the transfer was effected, for transmission to the purchaser or the transferee.The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this circular,makes no representation as to its accuracy or completeness and expressly disclaims any liabilitywhatsoever for any loss howsoever arising from or in reliance upon the whole or any part of thecontents of this circular.
COSCO Pacific Limited
(Incorporated in Bermuda with limited liability)
(Stock Code : 1199)
POSSIBLE MAJOR TRANSACTIONPROPOSED CONCESSION AGREEMENTIN RELATION TO PIERS 2 AND 3OF THE PIRAEUS PORT
THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION
R.14.63(2)(b)R.14.58(1)App 1B 1R 14.64(2)R13.51A
19th November 2008
Page
Definitions
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Letter from the Board
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4The Concession Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Reasons for and benefits of the Concession Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . 15Financial effects of the Concession Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Financial and trading prospects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Implications under the Listing Rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Waiver from strict compliance of the Listing Rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Information on PPA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Information on the Piraeus Port . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Information on the Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Additional Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Appendix I — Traffic Studies Report
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-1
Appendix II — Business Valuation Report
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-1
Appendix III — Discounted Future Estimated Cash Flows in connection with theBusiness Valuation
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . III-1
Appendix IV — Financial Information of the Group
. . . . . . . . . . . . . . . . . . . . . . . . . . IV-1
Appendix V — General Information
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . V-1
CONTENTS
— i —
In this circular, unless the context otherwise requires, the following expressions shall have the following meanings:
“Announcement” the announcement of the Company dated 29th October 2008“Bid” the Company’s bid for the Concession submitted in May 2008“Board” the board of directors of the Company“China COSCO” China COSCO Holdings Company Limited, a limited liabilitycompany incorporated in the People’s Republic of China, theH shares of which are listed on the main board of Stock Exchange and the A shares of which are listed on the ShanghaiStock Exchange“Committed Investment” a sum of not less than C=45 million (equivalent toapproximately HK$450 million) to be provided by theCompany to PCT either in the form of share capital orshareholder’s loan to fund the upgrading of Pier 2 andconstruction of Pier 3“Company” COSCO Pacific Limited, a limited liability companyincorporated in Bermuda, the shares of which are listed on themain board of Stock Exchange“Concession” the concession of the exclusive right to use and exploit theNew Container Terminal pursuant to the ConcessionAgreement“Concession Agreement” the concession agreement intended to be executed amongPPA, PCT and the Company in November 2008“COSCO Investments” COSCO Investments Limited, a company incorporated underthe laws of the British Virgin Islands, which is holding a8.91% interests in the Company and is a wholly-ownedsubsidiary of COSCO Pacific Investment“COSCO Pacific Investment” COSCO Pacific Investment Holdings Limited, a companyincorporated under the laws of Hong Kong, which is directlyholding a 42.05% interests in the Company and controlsanother 8.91% interests in the Company through COSCOInvestments. COSCO Pacific Investment is a wholly-ownedsubsidiary of China COSCO“CPI” the Overall Consumer Price (Inflation) Index, as recorded on31st December of each fiscal year, and published in theNational Bureau of Statistics of Greece“Director(s)” the director(s) of the Company
DEFINITIONS
— 1 —
R.14.60(5)
of 00
This Circular is Important and Requires Your Immediate Attention
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