06 July 2020

Fujian Provincial Communication Transportation Group and CMPort sign documents to jointly develop Hambantota Port in Sri Lanka

On 29 June 2020, Fujian Provincial Communication Transportation Group Co. LTD (FJCT), Fujian Transportation Maritime Silk Road Investment and Management Co., Limited (Fujian TMSR) and China Merchants Port Holdings Company Limited (CMPort) executed a Share Transfer Deed in relation to equity investment in the Hambantota Port in Sri Lanka. FJCT acquired approximately 23.53% of the shares of the target company with US$268 million through Fujian TMSR, its wholly-owned subsidiary incorporated in Hong Kong. The Hambantota Port project is the first project in Sri Lanka where the entire port area will be invested and managed by a company with foreign investment. It is also one of the largest infrastructure projects that Chinese enterprises have participated in. and is the first “Belt & Road” project for FJCT, which marks an important step in its “going global” strategy.

FJCT mainly engages in water transportation, road transportation, storage logistics, construction and operation of port terminal infrastructure, renewable resources recycling, sales of pharmaceutical and medical equipment, and commercial circulation. It is the largest logistics enterprise and public terminal operatorin in Fujian province . The Port of Hambantota is in a strategic position occupying a prime location within 10 nautical miles to the main shipping route connecting Asia Pacific with Europe and North America.

King & Wood Mallesons acted as the lead deal counsel for FJCT . The successful signing of the transaction documents is a significant milestone for our client, and KWM will continue to work with FJCT to ensure smooth the closing of the transaction.

The project was led by partner Wang Lixin, and supported by Liu Xiaoping and Pei Yiliang.

Media Contact

Share on LinkedIn Share on Facebook Share on Twitter
    You might also be interested in

    On 30 September 2020, ACM Research (Shanghai), Inc.(ACM Shanghai) received approval from the 82nd meeting of the Listing Committee of the Science and Technology Innovation Board of the Shanghai Stock...

    14 October 2020

    On February 6, 2020, the Ministry of Finance of China (the “MOF”) announced tariff cuts for certain U.S.-origin goods.

    13 May 2020

    Global law firm KWM is expanding its offering in Singapore with the appointment of M&A partner, Jake Robson.

    16 March 2020

    On February 6, 2020, the Ministry of Finance of China (the “MOF”) announced tariff cuts for certain U.S.-origin goods.

    12 February 2020

    This site uses cookies to enhance your experience and to help us improve the site. Please see our Privacy Policy for further information. If you continue without changing your settings, we will assume that you are happy to receive these cookies. You can change your cookie settings at any time.

    For more information on which cookies we use then please refer to our Cookie Policy.