(Yicai Global) Sept. 4 -- China Merchants Port Holding Co. [HKG:0144] has acquired 90 percent equity in Brazil's second largest port, Terminal de Conteineres de Paranagua SA (TCP), for HKD 7.23 billion (USD927 million) through its wholly-owned subsidiary Guangsheng Development Co., the parent announced today.
The acquisition will further develop China Merchants Group's overseas network and help it to expand in the Latin American region. The firm will also use the port's maritime transport hub to develop its logistics network, imports and exports, industrial zones, residential projects and other related financial service platforms, China Merchants Port said.
The port is located at Parana on the southeast coast of Brazil. Its economic hinterland covers the vital southeast coastal area, encompassing 45 percent of the population and 48 percent of the country's gross domestic product. The port is capable of serving the largest ships trading in Latin America.