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.
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(END) Dow Jones Newswires
September 11, 2017 05:18 ET (09:18 GMT)