Modern Terminals Ltd (MTL), the port operating arm of Wharf (Holdings), said on Friday it would take 70 percent of a four billion yuan (US$483.09 million) container terminal project in the Chinese city of Suzhou.
MTL, Hong Kong's second-largest container terminal operator, is investing in Taicang terminal phase two, which has two sections with four berths each, said Danny Wong, the company's general manager for China strategic development. The development of the second section is being planned.
Suzhou's city government will hold the remaining 30 percent of Taicang terminal phase two.
MTL has also taken a 51 percent stake of Taicang terminal phase one, which has four berths and a total investment of over one billion yuan, a company spokesman said.
MTL is 55.34 percent owned by Wharf, 22 percent by China Merchants Holdings (International) Co Ltd, 17.6 percent by Swire Pacific Ltd and the rest by Jebson & Co Ltd.
Comments
Comments are closed.