Chinese JV Inks Kumport Terminal Purchase Deal

zoom Cosco Pacific, China Merchants Holdings International (CMHI) and CIC Capital Corporation have used the recent G20 summit in Ankara to officially sign an agreement with FIBA Holding to jointly acquire Kumport Terminal, Turkeys third largest container terminal situated in the Ambarli Port Complex on the northwest coast of the Marmara Sea. Back in September, COSCO Pacific, CMHI and CIC Capital reached an agreement to, through their respective subsidiaries, buy a 65% stake in Fina Liman, an investment holding company whose only asset is its investment in Kumport, for around USD 920 million. The subsidiaries of COSCO Pacific, CMHI and CIC Capital hold 40%, 40% and 20%, respectively, of the shares in a joint venture company named Consortium SPV, which was formed specifically to manage Kumport Terminal. The agreement was signed in the presence of Chinas President Xi Jinping and Turkeys President Recep Tayyip Erdoğan.