BEIJING: China Merchants Ports has bought 90% of the Brazilian company TCP Participaçoes, which manages the port of Paranaguá, the second largest in the South American country, located in the State of Paraná (south), EFE reported. The agreement between the two companies closed for about $935 million, TCP Participaçoes said in a statement to the financial market. In 2016, China Merchants Ports, as a group, had investments in 28 ports and 188 docks for containers, six of which are under construction, with capacity to move more than 95.7 million TEUs
The Paranaguá terminal, the second largest in Brazil after Santos, in the State of Sao Paulo (southeast), was defined by the Chinese company as “a strategic and well-located port with a strong area of economic influence and potential growth to develop business”. “The acquisition of TCP Participaçoes is considered an important step in China Merchants Port’s plan to expand its business and consolidate its position on a global scale,” the statement said. According to the information, the agreement also projects an increase in the storage capacity of the port, going from the current 1.5 million containers to 2.4 million expected until 2019.
