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China Merchants Port disposes Ningbo Daxing equity

Ningbo Daxie Green-hulled container vessel Triton under the red cranes at the port of Ningbo Zhoushan
China Merchants Port has sold its 45% equity interest in Ningbo Daxie Terminal to Ningbo-Zhoushan port at a total cost of RMB1,845m ($261m) via its wholly-owned subsidiary Cyber Chic.

Ningbo Daxie is principally engaged in various businesses at China Merchants International Container Terminal in the Daxie Port Area of the Ningbo-Zhoushan Port, including the provision of terminal facilities for vessels; container handling services in the port area; shore power and water supply for vessels; the container maintenance services; and leasing of terminal machinery facilities and equipment.

Upon completion of the deal, the company will no longer hold any interest in Ningbo Daxie.

“The disposal will not have material impacts on the operation of the group and the proceeds from the disposal can enhance the working capital position of the group, which will help the group to more effectively utilize asset resources, realise the value in assets and optimize the regional layout, which is in line with the group’s development strategy,” said China Merchants Port.

“The deal will improve Ningbo-Zhoushan port’s competitiveness in Yangtze river economic belt and further enlarge the port’s influence in the market,” said Ningbo-Zhoushan port.