China Merchants Port Holdings acquires major stake in Zhongshan Port

China Merchants Port Holdings subsidiary Shenzhen Chiwan Wharf Holdings has entered into an agreement to acquire 51% equity interest in Zhongshan Port & Shipping Enterprise Group from Zhongshan Zhonghang Investment Development for RMB484.5m ($74m).

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

China Merchants believes the acquisition wil further strengthen the group’s port network and synergy of port resources in the Peal River Delta region.

Earlier this month, China Merchants also purchased a 90% stake in Brzilian container terminal operator TCP Participacoes for $924m.