Cosco acquires majority equity position in Peruvian port

Cosco Shipping Ports has just entered an agreement to take over 60 percent of a Peruvian port operator's equity for a triple-digit million US dollar figure. The acquisition is part of a plan to build up a global network of terminals, Cosco informs.

Photo: PR-foto/APM Terminals

Chinese Cosco Shipping Ports has just struck an agreement to take over a majority equity share of a terminal in Peru.

In a notice to the Hong Kong Stock Exchange, Cosco informs that it has entered a deal in which it will pay USD 225 million to take over 60 percent of Terminal Portuarios Chancay's (TPCH) shares. The equity is purchased from mining company Volcan, which will maintain a 40 percent stake in the company. The agreement is pending approval from authorities.

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