Xiamen International Port has entered into an agreement to acquire 75% equity interest in port terminal operator Shishi Huajin for RMB204.5m ($31.22m).
Shishi Huajin is primarily engaged in the investment, construction and terminal operation at Quanzhou Port. It has already constructed three port terminals and has one more under construction.
After the completion of the deal, Xiamen Port will invest a further RMB300m into Shishi Huajin.
Xiamen Port believes that the deal is crucial to the company’s implementation of its expansion strategy outside Xiamen port region.