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China Merchants ropes in partners for Hambantota Port development

China Merchants Port Holdings, Fujian Transportation Maritime Silk Road Investment and Management (Fujian TMSR) and Fujian Provincial Communication Transportation Group (FJCT) have signed a share transfer deed to promote the sustainable development of Hambantota Port in Sri Lanka.

According to the share transfer deed, Fujian TMSR has agreed to acquire 23.5% shareholding interests in a wholly-owned subsidiary of the target company for $268m, with FJCT as guarantor. The target company holds 85% interest of Hambantota International Port Group (Private) Limited (HIPG).

Sri Lanka-based HIPG is principally engaged in developing, operating, maintaining and managing the port of Hambantota.

Deng Renjie, executive vice president of China Merchants Group (CMG) and chairman of CMPort, said: “CMG and FJCT has a long history of collaboration, this cooperation is not only a role model for both sides to integrate resources, complement each other's advantages and invest overseas as a group, but also the injection of new impetus to speed up the construction of Hambantota as South Asia shipping center.

“I hope both sides will seize the opportunity of digital transformation of port and shipping industry and domestic industrial transfer to explore the cooperation of port business at home and abroad, fasten the injection of advantageous industries in the industrial park of Hambantota port, push forward the promotion of Belt and Road to a higher quality direction,” Deng said.

Hambantota Port is a comprehensive deepwater port, with 10 berths and quay length up to 3,487 meters. The berths can handle containers, bulk cargos, general cargos, roro cargos, liquid bulk and marine bunkers. 

CMPort, which started to operate Hambantota Port from 2017, has successively introduced oil and gas business, cement loading and unloading and maritime service to the port.

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