China Merchants: Unit to Buy 51% Stake in Port Operator for CNY484.5 Million

A unit of China Merchants Port Holdings Co. Ltd. (0144.HK) plans to acquire 51% stake in port operator Zhongshan Port & Shipping Enterprise Group for 484.5 million Chinese yuan (US$74.2 million).

In a late-Monday stock exchange filing, China Merchants said its subsidiary Shenzhen Chiwan Wharf Holdings Ltd. will enter into an agreement for the deal on Wednesday with Zhongshan Zhonghang Investment Development Ltd. and Zhongshan District City Construction Investment Group Co. Ltd.

China Merchants said the acquisition will further strengthen the group's port network.

Post-acquisition, Zhongshan Zhonghang Investment's holding in Zhongshan Port will come down to 11.51% while Zhongshan District City will have 37.49% in the port company.

Write to Saurabh Chaturvedi at saurabh.chaturvedi@wsj.com

(END) Dow Jones Newswires

September 11, 2017 21:22 ET (01:22 GMT)