China Merchants Holdings (International) has signed an agreement to form a US$911 million joint venture to merge its port facilities in China's Qingdao Port with those of its partners, including Cosco Pacific and AP Moller Mearsk, Reuters reported.
Qingdao Port said the venture would benefit China's second-largest trade port during worldwide industry restructuring amid the global financial crisis.
China Merchants and Qingdao New Qianwan Container Terminal would each own 50 percent of the venture, with investors including Qingdao Port Group, Mearsk's APM Terminals, DP World , COSCO Pacific, and Pan Asia Shipping, Qingdao Port said in a statement.
China Merchants and Qingdao New Qianwan will each contribute US$43.94 million in cash and over $100 million worth of assets to Qingdao Qianwan United Container Terminal as registered capital.
Cargonews Asia
Login
