CMPort acquires stakes of Hambantota Project

The Board of China Merchants Port Holdings Company Limited (CMPort) has announced that CMPort, Sri Lanka Ports Authority (SLPA), the Government of the Democratic Socialist Republic of Sri Lanka (GOSL), Hambantota International Port Group Limited (HIPG) and Hambantota International Port Services Company Limited (HIPS) have agreed on the terms of the Concession Agreement in relation to the development, management and operation of the Hambantota Port.

CMPort will invest up to $1,120m into Hambantota Port and Hambantota port and marine-related activities, of which SLPA will receive $973.658m for the acquisition of the 85% of HIPG. The remaining $146.342m will be used for Hambantota port and marine-related activities as agreed with GOSL within one year from the final payment.

SLPA and GOSL will grant HIPG the sole and exclusive right to develop, operate and manage the Hambantota Port and HIPS, the sole and exclusive right to develop, operate and manage the Common User Facilities, for the operation of the Hambantota Port.

The Port of Hambantota is located on the Southern coast of Sri Lanka occupying a prime location within 10 nautical miles to the main shipping route from Asia to Europe and is also in a strategic position along the Silk Road Economic Belt and the 21st Century Maritime Silk Road.

For more information visit www.cmport.com.hk

31st July 2017