China Merchants to control Mawan port

[photopress:Mawan.jpg,full,alignright]China Merchants Holdings (the leading public port operator in China) will pay RMB850 million in cash to buy from its parent a controlling stake in Mawan port which is one of the nine port centers in Shenzhen Port area.

The company will acquire the 40 percent it doesn’t already own in ventures at Shenzhen’s Mawan Port, including Shenzhen Mawan Wharf Co., Shenzhen Mawan Port Services Co. and Shenzhen Mawan Terminals Co. The ventures control four berths at the port.

China Merchants will also gain control of Haixing Harbor Development Co., which controls four berths at Haixing Harbor at Mawan Port, by raising its stake to 67 percent from 33 percent. China Merchants will also acquire 94,303 square meters of land located at Nanshan in Shenzhen and a port highway.

Chairman Fu Yuning has expanded China Merchants’ ports business, including buying a stake in Shanghai in June 2005, as the world’s fastest-growing major economy exports more clothing, computers and other goods. China’s coastal and river ports handled 21 percent more cargo in the first half of the year.

Mawan port, which covers 577,000 square meters, lies on the east bank of the Pearl River, immediate north of Chiwan and is the fastest-growing port in western Shenzhen. It was originally built in 1987 but has been continually expanded since then.
Source: Bloomberg