China Merchants has brought in two strategic investors for its TCP container terminal in Brazil through the selling of stakes in the terminal to two state-backed funds.
Under an agreement signed on Thursday, China Merchants Port Holdings sold a total of 22.55% equity interest of TCP to China Portugal Cooperation Development Fund and China-LAC Cooperation Fund.
China Portugal Cooperation Development Fund and China-LAC Cooperation Fund is led by China Development Bank and China Exim Bank respectively.
China Merchants acquired 90% equity interest of TCP container terminal in 2017, and it believes the new investors will help the company expand more infrastructure projects in the region.
TCP container terminal is the second largest container terminal in Brazil with an designed capacity of 2.4m teu.