China Merchants invests US$154 million in Lagos container terminal

HONG KONG-listed China Merchants Holdings International, a major Chinese port investor and operator, announced it would form a joint venture and invest US$154 million to buy a 47.5 per cent shares in a Lagos's Tin Can Island Container Terminal operator from ZIM Integrated Shipping Services, reports Bloomberg.

In a statement to the Hong Kong stock exchange, the company said it will initially hold 100 per cent of the venture company, with the China-Africa Development Fund taking 40 per cent after obtaining Chinese government approval.
(Source:www.schednet.com)