China Merchants Holdings International (CHMI) has said it is acquiring a 21.05% stake in Dalian Port Company (PDA), making it the second-largest shareholder in northeastern China's port operator. CMHI will purchase 1.2 billion shares in the port operator for USD557 million (USD0.47/share), representing 26.67% of its existing share capital and 21.05% of share capital after enlargement due to the issue of the new shares. PDA is listed on the main board of the Stock Exchange of Hong Kong and the Shanghai Stock Exchange and was the first port company to be listed on both exchanges. The move is part of efforts by Beijing to improve the competitiveness of government-owned enterprises, and support efforts to revitalise the economy in the northeast and to help drive the development of a planned China-Japan-South Korea Free Trade Zone.
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