enarhyazzh-CNzh-TWcsdanlettlfifrkadeelhihuisiditjakolvmsnofaplptruskslessvthtrukviyi

.........-----

translate arrow

XIAMEN, China: September 04, 2017. China Merchants Port Holdings (CMPort), owned by China's state-owned Assets Supervision and Administration Commission (SASAC), is to acquire a 90 percent stake in Brazil's Paranaguá Container Terminal for US$925 million from operator TCP Participações (TCP.

The purchase, expected to complete by the end of 2017 and subject to regulatory approval, is CMPort's first investment in Brazil.

TCP port of Paranagua With an annual capacity of 1.5 million TEUs increasing to 2.4 million by 2019, TCP handles approximately 10 percent of Brazil's annual container traffic at the Port of Paranaguá (right) including frozen meat, wood, automotive components, chemicals and electronic equipment.

TCP also provides shippers with port-to-port container logistics via its TCP Log subsidiary.

"China Merchants Port understands that entry into Latin America, especially in Brazil, is crucial to the global expansion of its terminal network," said CMPort managing director Bai Jingtao. "TCP is not only the key landmark of China Merchants to enter Brazil, but the future hub for the growth of the flow of commodities and goods between Brazil and China."

CMPort handled 95 million containers last year via operations in China, U.S., Sri Lanka, Nigeria, Djibouti, Togo and Turkey.

"The transaction is in line with China Merchants Group's strategy to promote trade cooperation with the BRICS, as well as the 'China-Brazil Joint Action Plan'," added Hu Jianhua, executive vice president of China Merchants Group and vice-chairman of CMPort. "The transaction will help CMPort achieve its business objectives while at the same time contributing to the development of trade between Brazil and China and the strategic cooperation relationship between the two countries."

TCP CEO Luiz Antonio Alves noted: "Certainly China Merchants will contribute much in this new stage of growth of the company, taking advantage of the synergies with the several terminals operated by the group in the world and offering its global experience to the customers of TCP."

China Merchants, controlled by SASAC with a capitalization of ¥13.75 billion, operates in three business areas: transportation (ports and related services, toll roads, energy shipping and logistics); finance (banking, securities, funds, insurance); and property development.

- powered by Quickchilli.com -