Dongbu Forms Joint Company to Expand Kamman Pier

Dongbu Construction Co., and Evergreen, a Taiwanese carrier, agreed to
establish a joint company to expand the Kamman Pier in Pusan Sep. 28,
with the attendance of Paek Ho-ik, president of Dongbu Construction C
o. and Seo In-gang, vice president of investment at the Evergreen Grou
p.
This company will be titled the Dongbu Pusan Container Terminal Co., w
ith investment by Dongbu Construction at 65 percent, Evergreen at 15 p
ercent, and subsidiaries and domestic agencies at 15 percent and 5 per
cent respectively. Dongbu Construction and Evergreen will invest a tot
al of 160 billion won to have a liquid capital of 10 billion won, 100
billion won to fund a pier, and 50 billion won to purchase port facili
ties.
The Kamman Pier is dedicated to handling containers, and it is possibl
e for two 50,000-ton vessels and one 5,000-ton vessel to call at the s
ame time. The terminal is the third largest pier for a single company
to have at 308,000 square meters and able to handle 700 thousand conta
iners annually.
The pier hopes to make 100 billion won per year, including loading and
transportation incomes. It is scheduled to start in January 2002.