In a move that will make it the second largest shareholder, China Merchants Holdings International (CMHI) has purchased approximately US$558 million of shares in Dalian Port, according to World Maritime News.
Li Jianhong, Chairman of the Board of Directors of CMHI, said: “The entering of a share subscription agreement is one of the key strategic investments for CMHI to further improve the layout of existing ports network and to position the company to become a global leading comprehensive port-service provider going forward.
“Dalian Port, being a major shipping centre in Northeast Asia and a hub in Northeast China, is of great strategic significance.
“The strategic and economic value of Dalian Port will gradually materialise, with, on one hand, the government’s plan of implementing measures to revitalise the economies of Northeastern region of China, and on the other hand, the establishment of China-Japan-South Korea Free Trade Area.
“CMHI’s investment in Dalian Port is not merely a financial investment, but more importantly, it enables the formation of a mutually complementary cooperation in terms of sharing of resources and operational capability.
“Besides, the investment in Dalian Port also signifies a great leap forward by CMHI in the consolidation of port assets in China.”
CMHI recently announced that it has opted into a joint-venture with Chinese shipping line Cosco and CIC Capital Corporation which would see the three companies taking ownership of Kumport Terminal in Turkey.