China Merchants to raise stakes by 30pct in Sri Lankan port

No agreement has been inked.

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(HONG KONG) - China Knowledge reported that China Merchants Holdings Co Ltd, the country second largest port operator plans to increase its stakes by 30% in a container port in Colombo, Sri Lankan for USD 5.5 million.

Upon completion of the acquisition, the Hong Kong-listed buyer will hold an 85% stake in the container port operator Colombo International Container Terminals Ltd or CICT from Sri Lankan conglomerate Aitken Spence PLC.

A person familiar with the matter said CICT is building and operating the South Container Terminal at the Port of Colombo.

Sri Lanka Ports Authority which has a 15% stake in CICT is likely to acquire another 6.43% stake from China Merchants. But no agreement has been inked.

(Sourced from China Knowledge)

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