29 C
Tuesday, September 29, 2020
- Advertisement -

Zim Sells Stake in Tincan to Chinese Firm


Development of Nigeria’s Digital Economy Anchored on Eight Pillars – A Speech by Isa Patanmi

I am highly delighted to launch the Digital Nigeria Portal and Mobile App as part of the implementation of our National Digital...

Why I Made TIME100 Most Influential People of 2020

Not every day do you wake up to this —honoured to be named to the 2020 Time100 from TIME. This has been...

Subsidizing the Naira Blocks Nigeria’s Economic Takeoff By Kingsley Moghalu

The Naira should be floated to find its exchange rate value on the market if Nigeria’s economy is to become productive, instead...

Africa, AfCFTA, The Private Sector and The Way Forward By Abdul Samad Rabiu

I start by congratulating African leaders on the opening of the AfCFTA secretariat last month. I believe the secretariat will further help...

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 -


Please enter your comment!
Please enter your name here

- Advertisement -

Business Profiles

Edefe Ojomo

Edefe Ojomo is a lecturer in the Department of Jurisprudence and International Law at the University of Lagos, Nigeria. She has a...

Afsane Jetha

Afsane Jetha is the Managing Partner and CEO of Alta Semper Capital, which she co-founded in 2015 alongside Ronald Lauder (Chairman of...

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...