Xiamen International Port, which deals in container loading and unloading and storage for international and domestic trade, has signed a memorandum of understanding to buy a 50% stake in a three-berth container terminal in Xiamen's Songyu.
Xiamen Port will be buying the stake from its parent, Xiamen Port Holding. The terminal is a joint venture with APM Terminal, a subsidiary of the world's largest shipping line, Maersk.
The acquisition price for the berths, which came on stream Saturday, has not been determined. The investment for the venture, formed in 2005, was RMB 3 billion.
Xiamen Port will be buying the stake from its parent, Xiamen Port Holding. The terminal is a joint venture with APM Terminal, a subsidiary of the world's largest shipping line, Maersk.
The acquisition price for the berths, which came on stream Saturday, has not been determined. The investment for the venture, formed in 2005, was RMB 3 billion.