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CT9 project financing pushes through

Asia Container Terminals (ACT), comprised of New World Infrastructure Ltd, Hongkong Land Holdings Ltd, Sun Hung Kai Properties Ltd and SeaLand Orient Terminals Ltd (SLOT), has signed project financing agreements for the construction and development of Container Terminal 9 on Tsing Yi Island. When completed, ACT will swap the berth for two existing berths at CT8W, on the western end.

ACT's share of the total CT9 project is estimated at HK$5.1bn, out of which long-term debt will provide HK$3,200mn, with an additional HK$200mn working capital facility.

ABN AMRO Bank NV, BA Asia Ltd, DG Bank Deutsche Genossenschaftsbank AG, Dresdner Bank AG, National Australia Bank Ltd, Societe Generale Asia Ltd, and Westdeutsche Landesbank Girozentrale are Joint Bookrunners. BA Asia Ltd acted as modeling and marketing bank, Societe Generale Asia Ltd as documentation bank, and Westdeutsche Landesbank Girozentrale as the technical and insurance bank.

Meanwhile, the board of directors of ACT announced the appointment of Rufin Mak as chief operating officer and managing director. Mak will be in charge of the terminal operations of ACT. Mak has led ACT into negotiations and eventual procurement for the CT9 project and recently participated in the conclusion of ACT's HK$3.4 billion financing for the container terminal. He will now direct implementation planning and organisation related to ACT's operations.

Rufin Mak...ACT's new COO and managing director

Previously, Mak was the managing director of Asia Terminals Ltd (ATL), the warehousing and cargo-handling unit of Sea-Land Orient Terminals Ltd, both units of the CSX World Terminals group. There he led ATL's financing, development and marketing initiatives for the Kwai Chung complex back in 1988. He was also part of the strategic planning and implementation team for the CSX World Terminals group companies. He is a chartered engineer of the UK and of Australia and a Hong Kong registered engineer, as well as being an "authorised person" and registered structural engineer under the Hong Kong Buildings Ordinance.