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China Merchants Port unit to develop IT systems for Djibouti affiliate

China Merchants Port unit to develop IT systems for Djibouti affiliate
A majority-owned subsidiary of China Merchants Port Holdings Company has inked an agreement with affiliate unit Djibouti Asset Company to develop IT software and systems under a contract worth approximately $6.88m.

China Merchants Holdings (International) Information Technology Services (CMHIT), 76.84% owned subsidiary of China Merchants Port, will help to develop systems such as networking systems, CCTV systems, IT data centres and other business management software for its Djibouti affiliate.

Djibouti Asset Company was established in January this year under a multi-party joint venture investment in Djibouti International Free Trade Zone for the purpose of investing in and financing the developments of commercial and infrastructure projects within the free trade zone.

Djibouti Asset Company is 30% owned by China Merchants Port, 60% owned by a subsidiary of Djibouti Ports & Free Zones Authority, and 10% owned by Port of Dalian Group.

“The provision of the services under the IT Development Agreement to the Djibouti Asset Company will enhance the business operation efficiency of the Djibouti Asset Company which will also benefit the company,” China Merchants Port stated.

China Merchants Port added that the latest deal is also one of the means for the group to add new growth drivers to its existing and core port and port-related business.

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