CHINA MER HOLD (00144) increases holding in JV in Sri Lanka to 85% with HK$42.74M - AASTOCKS.com

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CHINA MER HOLD (00144) increases holding in JV in Sri Lanka to 85% with HK$42.74M

2012-01-26 16:42:13

CHINA MER HOLD (00144) announced that it has agreed to acquire an additional 30% equity interests in CICT from joint venture partner Aitken Spence for a total consideration of US$5.5 mln (equivalent to approximately HK$42.74 mln). After completion of the acquisition, the company's holding in CICT will increase from 55% to 85%.

Joint venture partner SLPA indicated their intention to acquire 6.43% equity interests in CICT from the company following the completion of the acquisition. The company and SLPA are in the course of negotiations for the terms and conditions of the possible transaction.

CICT is a company incorporated in Sri Lanka, the principal business activities of which are to design, develop, finance, construct, manage, operate and maintain the terminal. (k)

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