China Merchants buys into Dalian Port

Dalian Port

China Merchants Holdings announced it has signed a share subscription agreement with Dalian Port, under which Dalian Port will issue 1.1bn new shares to China Merchants for HK$4.3bn ($554m).

Upon completion of the transaction, China Merchants will hold a 21.05% equity stake of Dalian Port, becoming the second largest shareholder. Dalian Port will use 25% of the funds to develop its oil business, 35% for port asset investment and integration and 20% for upgrading port facilities

China Merchants said it has been striving to further strengthen its ports network within China, taking advantage of Chinese government policy encouraging restructuring among state-owned enterprises’ groups.

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