Port operator China Merchants Holdings (International) Co is planning to invest US$119.23 million to buy a 5.4 percent stake in Ningbo Port Co, which operates a container port in Ningbo city in northeastern China.
China Merchants said six other companies would acquire a 4.6 percent stake in Ningbo Port Co. The companies are Shanghai Citic Port Investment Co, Ningbo Ning Shing (Holdings) Co, Ningbo Communications Investment Holdings Co, Ningbo Urban Construction Investment Holdings Co, Ningbo Development & Investment Group Co and Zhoushan Port Group Ltd.
Ningbo Port Group Ltd., which owns 100 percent of Ningbo Port Co, will retain a 90 percent interest in the firm.
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