Hong Kong: China Merchants Holdings (International) along with Cosco Pacific and China Shipping Terminal Development have formed a tripartite jv in Hong Kong and in a landmark investment will buy a 30% stake costing $135m in Yang Ming’s Kao Ming Container Terminal in Kaohsiung, Taiwan.
This is a major development in the ongoing thawing of cross-Strait ties and one that has been telegraphed for a couple of years. Each party of the tripartite jv will hold a 10% effective stake in Kao Ming Terminal.
After the completion of the acquisition, the shareholder structure of Kao Ming Terminal will be Yang Ming Marine 60%, the tripartite jv 30% and Ports America Group 10%. The deal is pending approval from relevant governmental authorities of the PRC and the Taiwan Investment Commission of the Ministry of Economic Affairs. [20/12/12]
