Hong Kong: China Merchants Holdings International has agreed to form a joint venture that will buy a 47.5% stake in Lagos's Tin Can Island Container Terminal in Nigeria from Israel's Zim Integrated Shipping for $154 million, reports Reuters.
China Merchants will own 60% of the venture, with China-Africa Development Fund (CADF) taking a 40% stake after obtaining approval from Chinese regulators, the Chinese port operator said in a statement.
China Development Bank owns CADF, a fund which supports Chinese enterprises in their investment in Africa. [09/11/10]
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