China Merchants still in talks to invest in Colombo

Port operator China Merchants Holdings (International) said it is still in talks to invest in a port in the Sri Lankan capital as the blue-chip company seeks growth opportunities abroad amid competition at home, Dow Jones reported.

China Merchants Managing Director Hu Jianhua said there is urgency on the part of the Sri Lankan government to expand the port facilities in Colombo due to strong growth and high utilisation, but he declined to say when the company expects to close a deal.

The company said in March it was seeking opportunities to invest in port assets in Asia, Europe, the US and Africa because of improving global economic conditions. China Merchants Chairman Fu Yuning said at the time the company hoped to sign deals in Sri Lanka and Vietnam this year.

Hu also said that China Merchants targets container-handling growth of 10 percent to 15 percent this year. He said he expects the company's dry bulk cargo throughput to register double-digit growth this year.

(Source: Cargo News Asia)