Cosco Shipping Ports to Buy Major Stake in Belgium's Zeebrugge Port Terminal

By Joanne ChiuFeaturesDow Jones Newswires

Cosco Shipping Ports Ltd. (1199.HK) plans to buy a major stake in a terminal in Belgium's Port of Zeebrugge for up to 35 million euros ($42 million).

The port operator, which is a unit of state-owned conglomerate China Cosco Shipping Corp., said after markets closed Monday that it signed a legally binding memorandum of understanding with APM Terminals B.V. for a 76% stake in APM Terminals Zeebrugge NV.

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APM Terminals Zeebrugge operates the Zeebrugge terminal in the Port of Zeebrugge, Belgium, it said.

APM Terminals B.V., which owns a 51% stake in the Belgian port terminal, will acquire a 25% interest held by Shanghai International Port (Group) Co. (600018.SH) before the proposed stake sale to Cosco Shipping Ports, the Chinese port operator said.

Write to Joanne Chiu at

(END) Dow Jones Newswires

September 11, 2017 05:18 ET (09:18 GMT)