CMPort to Buy Controlling Stake in Zhongshan Port Group

Image Courtesy: CMPort

Hong Kong-listed port investor China Merchants Port Holdings (CMPort) has agreed, through its subsidiary, to buy a 51 percent stake in Zhongshan Port Group.

Under a share purchase agreement, expected to be signed on September 13, 2017, CMPort’s Shenzhen Chiwan Wharf Holdings Limited would buy the share from Zhongshan Zhonghang Investment Development for a total of CNY 485 million (USD 74.1 million).

The amount would be paid in two installments and funded by the internal resources of the group and external bank loan facilities.

Zhongshan Port Group currently operates three port zones namely Zhongshan Port, Xiaolan Port and Shenwan Port in the Pearl River Delta region with a total of 23 berths in operation.

CMPort said that the acquisition would further strengthen its port network and strategic synergy of port resources in the Pearl River Delta region.

Following completion of the deal, Chiwan Wharf, Zhongshan Zhonghang Investment Development and Zhongshan District City Construction Investment Group Co (ZDCCI) will each hold 51 percent, 11.51 percent and 37.49 percent of the equity interest in the port, respectively.

Earlier in September, CMPort entered into a deal to buy 90 percent of shares in Brazilian port operator TCP Participações S.A.

With the acquisition of TCP, worth USD 923.7 million, the group aims to expand its business to the Latin America region and further consolidate its position globally.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Sep 2017 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

BWMTech North America

Are you operating to international standards? Clarify regulations. Plan BWMS integration…

read more >

NEVA 2017

The diversity of the Conference Programme is well-rounded by a broad spectrum of topics including Commercial Shipbuilding, Offshore and Marine…

read more >

LIQUEFACTION OF BULK CARGOES SEMINAR

GET TO GRIPS WITH:
– Mechanisms behind liquefaction
– Guidelines and regulations for bulk cargoes prone to liquefaction…

read more >

Seatrade Offshore Marine & Workboats Middle East

The largest event for offshore marine and workboat sectors in the region, Seatrade Offshore Marine & Workboats Middle East will, once again, serve as a meeting point for international industry professionals to come together and do business. Our 2017 show promises a wealth of networking opportunities, high-level discussions in our conferences on important industry trends, […]

read more >