23.2 C
Lagos
Saturday, January 23, 2021
- Advertisement -

Zim Sells Stake in Tincan to Chinese Firm

Opinion

2020: A Year Like no Other By Dakuku Peterside

The year 2020 was supposed to be a great year. It was another Leap Year – the famed Olympic Games year when...

The Time to Restructure is Now – Bola Tinubu

Being with you at this special event today, I am visited by two competing emotions. I continue to feel a profound sense...

Africa and the COVID-19 Vaccine – By Dakuku Peterside

The year 2020 will forever be synonymous with Covid-19, a pandemic that brought the world to her knees. For the first time...

Buhari is Repressing Human Rights and Getting Away With It – By Kolawole Olaniyan

President Muhammadu Buhari is failing to live up to his promises to ensure respect for human rights, obey the rule of law,...

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 -
- Advertisement -

Business Profiles

Ngozi Edozien

Ngozi Edozien is the founder and Managing Director of Invivo Partners Limited. She has over 20 years’ experience in finance/private equity, general...

Sanyade Okoli

Sanyade Okoli is Chief Executive Officer at Alpha African Advisory. She has over 21 years of financial advisory, private equity, corporate, commercial...

Samuel Nwanze

Samuel Nwanze is a director of Transcorp Power. He holds an MSc. degree in Finance and Management from Cranfield University in the...

Olukemi Adeniji

Ms Adeniji has a law degree and a Masters in International Law and Diplomacy (M.I.L.D) from the University of Lagos. She has...

Chikezie Nwosu

Chikezie Nwosu is an experienced senior executive with over 29 years local and international experience in the oil & gas industry vis-a-viz...