2020
The Equity Delivery of the Lekki Port Project in Nigeria Formally Completed
source: Author: Date: 2020-04-08 Font size: [large medium small]

On March 31, CHEC paid USD 221 million to complete the delivery process of acquiring the equity of the Nigeria Lekki Port Co., Ltd. Acquiring this equity made CHEC the controlling shareholder of the project company, which is also crucial for the project to be launched successfully.

The Lekki Port Project has a franchise period of 45 years with a total investment of USD 1.043 billion. Since 2017 when it began to promote the equity acquisition of the Lekki Port Project, CHEC has diligently completed the project, equity transaction negotiations, franchise negotiations, operation cooperation negotiations, feasibility studies and decision approval, financing close among others. Thanks to the unremitting efforts of all parties, all the pre-conditions for project capital injection were fulfilled in March 2020, and the equity delivery was successfully completed as well. Following the equity delivery, CHEC appointed Directors Wu Di, Xu Huajiang, Lu Yunpeng and Du Ruogang attended the first board meeting of the project company through a video conference.

As an important achievement of the Second Belt and Road Forum and a “demonstration project of Sino-French cooperation in third-party markets”, the Lekki Port Project is CHEC’s first overseas port project to be is launched in the mode of integrating investment, construction and operation, and also its first shareholding port investment project. For this reason, it will quickly expand CHEC’s influence and improve its competitiveness in the international port investment and operation sector.

The events mentioned above saw the presence of relevant people of the CHEC Industrial Investment and Operation Business Department and Nigeria Lekki Port Co., Ltd.

 

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