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Relocate regional headquarters to Kuala Lumpur from Singapore
KUALA LUMPUR, Sat: CHINA Shipping’s move to relocate
its regional headquarters to Kuala Lumpur from Singapore was prompted
among other things by incentives provided to foreign owned businesses
by the Malaysian government. However, as China Shipping executive
Li Zuo Ming explained, the move makes sense following the transfer
of the company’s regional container transhipment hub to Port Klang
in 2000. Li is vice-president and director of Malaysian subsidiary
China Shipping Regional Holdings. He said Port Klang is cheaper
than Singapore but is just as efficient. China Shipping’s volumes
at Klang have been registering double-digit growth, and hit 350,000
TEU in 2004. The relocation comes amid uncertainty over P&O Nedlloyd's
continuing presence in Singapore if the proposed acquisition by
AP Moller-Maersk goes ahead. The Danish giant moved its transhipment
hub to Tanjung Pelepas in the Malaysian province of Johor five
years ago.
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