China Merchants Hldg : China Merchants To Raise Stake In Sri Lanka Port Development For US$5.5 Million
01/26/2012| 04:08am US/Eastern
China Merchants Holdings (International) Co. (0144.HK) will pay US$5.5 million to increase by 30% its stake in a container-port development in the Sri Lankan capital of Colombo, the Chinese port operator said Thursday.
It will buy the additional 30% of Colombo International Container Terminals Ltd. from Sri Lankan conglomerate Aitken Spence PLC, the Hong Kong-listed company said in a statement.
The deal will take its stake to 85%.
Sri Lanka Ports Authority--which currently owns 15% of the container-port development--intends to buy another 6.43% from China Merchants although no formal agreement has been made, the statement added.
-By Joanne Chiu, Dow Jones Newswires; 852-2802-7002; firstname.lastname@example.org