China firms to buy stake in Taiwan terminal
Taiwan's investment committee has approved China's investment of US$135 million to take a 30 percent stake in a container terminal owned and operated by Yang Ming Marine Transport, two sources with direct knowledge of the deal said, reported Reuters.
This will be China's biggest investment in Taiwan and the first in the island's port facility.
Cosco Pacific, China Merchants Holdings (International) and China Shipping Terminal will form a company to hold the 30 percent stake, said the sources, who declined to be named because they were not authorised to talk to the media.
Yang Ming said Taiwan's investment committee was holding a meeting on Wednesday and the company was still waiting for the result.
The company earlier this year sold a 10 percent stake in the Kaohsiung Intercontinental Container Terminal to Ports America International Holdings Cooperation, an affiliate of Ports America Group, for $45 million.