China Merchants Holdings (International), the largest port operator in western Shenzhen, has boosted its portfolio by investing HK$861.8 million in Mawan's berths.
The investment, which was rubber-stamped on Monday, involves designing, operating, constructing and managing four undeveloped berths, one existing berth and a site of 160,000 square metres at Shenzhen's Mawan Port.
The investment underlines the red chip's concerted efforts to share a slice of the lucrative cargo-handling business in the Pearl River Delta.
China Merchants said it would team up with state-owned conglomerate Shenzhen Nanyou (Group) and Shenzhen-listed Shenzhen Chiwan Wharf Holdings for the development.
'The group is already an investor in Mawan, with a 49 per cent equity interest in Berth No 8 . . . the Mawan transaction will further strengthen the group's position in Mawan Port,' China Merchants said.
The transaction will see the upgrading of Berth No 0 and development of Berth Nos 5, 6, 7 and 8 into three facilities capable of handling international container vessels of up to 50,000 tonnes.
