China Merchants buys into Lagos container terminal

Hong Kong: China Merchants Holdings International has agreed to form a joint venture that will buy a 47.5% stake in Lagos's Tin Can Island Container Terminal in Nigeria from Israel's Zim Integrated Shipping for $154 million, reports Reuters.

China Merchants will own 60% of the venture, with China-Africa Development Fund (CADF) taking a 40% stake after obtaining approval from Chinese regulators, the Chinese port operator said in a statement.

China Development Bank owns CADF, a fund which supports Chinese enterprises in their investment in Africa.
(Source:www.seatradeasia-online.com)