CMHI To Acquire Control of CCT
News: Shenzhen Chiwan Wharf Holdings (SCWH), the majority shareholder in Shenzhen's Chiwan Container Terminal (CCT), has revealed that its partner China Nanshan Development Group will allow China Merchants Holding International (CMHI) to acquire 57.52% of the holding. CMHI, the majority shareholder in China Nanshan Development Group, vowed to entirely resolve the issue of horizontal competition between its subsidiaries through assets restructuring in the span of three to five years. The strategic move intends to additionally aid the integration and strengthening the synergy of Shenzhen's western port areas, according to SCWH. This also cements the path for further cooperation between Shenzhen and Hong Kong. Prior to the implementation of the authorisation, CMHI indirectly holds 66.1% in CCT with 57.52% and 8.58% through China Nanshan Development Group and another company respectively.