China Merchants Holdings (International) Co. has signed a deal to invest in a container port in the Sri Lankan capital, the Chinese port operator said Friday, as it continues to seek growth opportunities abroad, Wall Street Journal reports.
A consortium led by the blue-chip port operator, which has a 55% stake in the project, plans to invest more than US$500 million to build and operate a container port in Colombo, with the first phase of the new terminal scheduled to begin operations in early 2013, the company said in a statement.
Sri Lankan conglomerate Aitken Spence PLC (SPEN.SL) will hold a 30% stake in the project, while the Sri Lankan port authority will hold the remaining 15% stake, it added.
A consortium led by the blue-chip port operator, which has a 55% stake in the project, plans to invest more than US$500 million to build and operate a container port in Colombo, with the first phase of the new terminal scheduled to begin operations in early 2013, the company said in a statement.
Sri Lankan conglomerate Aitken Spence PLC (SPEN.SL) will hold a 30% stake in the project, while the Sri Lankan port authority will hold the remaining 15% stake, it added.