[photopress:shekouport.jpg,full,alignright]China Merchants Holdings is moving further in its control of the Shenzhen port of Shekou by buying out two minority stakeholders and preparing to form a joint venture with Hong Kong’s Modern Terminals (MTL).
The stakes held by DP World and Swire Pacific in phases one and two of the Shekou Container Terminal were bought by CMHI for $408 million. The assets will go into the joint venture with Modern terminals, of which China Merchants will hold 70% and Modern Terminals 30%.
Swire Pacific received $178 million for its 17.5% interest in phase one and 17.15 % holding in phase two of the terminal. DP World’s unit P&O Dover got $228 million for 22.5% of phase one and 22.05% of phase two.
The deal will be finalised in the first quarter of next year.
Source: Cargo News Asia
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