CMP ropes in partners for Hambantota development

China Merchants ropes in partners for Hambantota Port development

by Staff Writer 02-07-2020 | 7:47 PM

Colombo (News 1st);
Fujian Transportation Maritime Silk Road Investment and Management (Fujian TMSR) and Fujian Provincial Communication Transportation Group (FJCT) have become strategic partners to develop the Hambantota Port.

The strategic partnership agreement was signed between these two companies and the majority shareholder of the Hambantota port, China Merchant Port Holdings.

The value of the agreement is $ 268 million or approximately Rs. 51 billion.

The Fujian Provincial Communication Transportation Group (FJCT) is a company that is carrying out many services in ports around the world.

The China Merchant Port Holdings Company Limited invested $ 974 million in the Hambantota International Port Group (HIPG)

China Merchant Port Holdings had sold 23% of shares of one of its subsidiaries to the Fujian Provincial Communication Transportation Group Co., Ltd and CMPH has earned $ 268 million through this transaction.