Shanghai-listed China COSCO on 17 September announced that its wholly owned subsidiary COSCO Pacific has partnered subsidiaries of China Merchant Holding International (CMHI) and CIC Capital to form a joint-venture (JV) company to acquire Kumport Terminal in Turkey.
According to the agreement inked on 16 September, COSCO Pacific and subsidiaries of CMHI and CIC Capital, will hold 40%, 40%, and 20% of the shares in Consortium SPV, respectively.
The JV will pay an initial purchase price of USD919.9 million to Fina Holding, who owns Fina Liman, the majority shareholder in Kumport, and USD20.3 million to the minority shareholders, stated China COSCO in its filling to the Shanghai Stock Exchange.
Fina Liman holds 98.7% of the issued capital shares in Kumport.
The six-berth terminal is able to handle 18,000 teu vessels and its current capacity is 1.84 million teu. It has potential to expand to handle up to 3.5 million teu. Last year, its container throughput stood at 1.4 million teu.
Kumport is in Ambarli port, which is on the northwest coast of the Marmara Sea on the European side of Istanbul, Turkey, and is the third largest container terminal in Turkey.
This post was sourced from IHS Maritime 360: View the original article here.