25 C
Lagos
Wednesday, September 23, 2020
- Advertisement -

Zim Sells Stake in Tincan to Chinese Firm

Opinion

My Experience with Online Passport Renewal

By Claudia Nwankwo As “Nigerians” we (naturally) shy away from using government agency portals or online platforms. Many would...

Osunkeye: An Accounting Doyen Turns 80 – By Tokunbo Abiru

Today, we are celebrating a leading light, role model, mentor, an industry icon and man of integrity as he turns 80. He...

Ibiyeomie Not Different From Those Seeking Death Of Kano Musician For Blasphemy – By Fredrick Nwabufo

We have to face up to the truth; the truth about Christian fundamentalism. The church today has been sculpted in the image...

NEDG Debate Will Be Rigged – Nigeria Group

We would like to advise the main opposition party APC not to be deceived into participating in the sham debates being planned...

Israeli shipping company Zim has said it will sell its 47.5 per cent stake in Nigeria’s Tin Can Island Container Terminal to a new joint venture between China Merchants Holdings and the China-Africa Development Fund for $154 million. Zim Integrated Shipping Services expects to make a gross profit of $120 million from the sale which will be completed in 2011.

Rafi Danieli, Zim’s chief executive said that the sale was in line with the company’s capacity expansion plans. “The proceeds from the sale would enable the company to develop and expand its shipping transportation activities in the international lines in Asia, North America and Europe.”

China Merchants is expected to own 60 per cent of the new venture while the China-Africa Development Fund will retain a 40 per cent stake after obtaining regulatory approval from the Chinese authorities. Zim will also sign an agreement to call at the terminal for the next ten years and sell additional rights in connection with the asset.

The TinCan Island container terminal is Nigeria’s second largest and has three berths with an annual capacity of 360,000 20-foot equivalent container units. A fourth berth which is being upgraded will increase the terminal’s capacity to 400,000 TEU per year.

Zim operates the terminal in partnership with Bollore Logistics Africa, a unit of Paris-based Group Bollore. Zim has extensive commercial activities in Nigeria and operates a number of shipping lines connecting Asia, Europe and the United States to Nigeria. It also owns a shipping and logistics agency.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Business Profiles

Okechukwu Ohanta

Okechukwu Ohanta is the Sub-Surface Manager at Tenoil Petroleum and Energy Services. Mr Ohanta is responsible for the company's subsurface studies, formation...

Chukwunonye Emenalo

Chukwunonye Emenalo is a lecturer of financial management at Lagos Business School. His teaching interests are in financial management/corporate finance. His research...

Oyewale Ariyibi

Oyewale Ariyibi is the Chief Financial Officer at FBN Holdings Plc. Before this appointment, he was Chief Finance Officer at Transnational Corporation...

Dada Awosika

Dada Awosika is the Managing Partner of D.A Awosika & Partners LLP. He started his Legal Practice in 1996 at the law...

Olamide Edun

Olamide joined Lion’s Head Global Partners in 2017 and is a member of the African Local Currency Bond Fund team, focussed on...