In order to ensure its long-term competitiveness, PSA then started
a series of key initiatives to transform itself into a global terminal
operator. It divested non-core businesses, trimmed its workforce,
adopted a leaner and more flexible cost structure, re-organised
its operations and put in place a new global management structure
so as to grow its core business in port management globally and
to respond more quickly to the rapidly changing business world.
In December 2003, PSA also adopted a new corporate structure with
PSA International (PSA) Pte Ltd becoming the main holding company
for the PSA Group of companies. The timely move provides greater
strategic, financial and management flexibility in organizing PSA's
operations and implementing its strategy to expand globally. As
steward for all the PSA companies around the world, PSA International
ensures that the companies in the PSA Group work together seamlessly
and synergistically to create and enhance value for the Group.
Since then, PSA has expanded its global footprint to include projects
in Japan, Thailand and Hong Kong. This includes investments in 17
out of 24 container berths at Tsing Yi in Hong Kong in 1H 2005.