Chinese JV pays US$940m to 65pc stake in Turkish container terminal Kumport

Time:2015-11-25 Browse:65 Author:RISINGSUN
CONTAINER terminal operator, China`s Cosco Group is expanding its footprint in Europe, buying in, together with a consortium of two other Chinese companies, a 65 per cent stake in the Kumport Turkish container terminal, the country`s third largest terminal for US$940 million.

The other two parties of the consortium are China Merchants Holdings (International) and CIC Capital, a division of the National Welfare Fund of China.

Both China Merchants Group and Cosco Pacific will each have 40 per cent stake while CIC Capital will have the remaining 20 per cent equity stake in the consortium`s 65 per cent share of the terminal. The remaining 35 per cent share of Kumport will be held by Oman`s State General Reserve Fund, the Maritime News reported.

The Turkish terminal has six berths and can handle the modern ultra large container ships with a capacity of 18,000 TEU and more. In September Kumport`s capacity was 1.84 million TEU, and according to the preliminary plans from the Chinese joint venture, the terminal can be expanded to handle 3.5 million TEU annually.