China's leading shipping company China Ocean Shipping (Group) Company (COSCO, 601919.SH; 01919.HK) said SPV -- its joint venture with CMHI and CIC Capital -- acquired a 65 percent stake in Turkey's third largest container terminal Kumport on Wednesday (local time in Turkey).
The Kumport Terminal is a modern container terminal in the Ambarli Port Complex on the northwest coast of the Marmara Sea on the European side of Istanbul.
The tripartite joint venture SPV was founded in Luxembourg on August 27, 2015. COSCO Shipping's subsidiary COSCO Pacific, and CMHI, CIC Capital respectively hold 40 percent, 40 percent, and 20 percent of the shares in SPV through their respective wholly-owned subsidiaries.
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