PARANAGUÁ, Brazil: February 26, 2018. China Merchants Port Holdings Company Limited (CMPort) has completed the acquisition of a 90 percent share in the Paranaguá Container Terminal (TCP) for approximately US$925 million.

It is the first investment by CMPort in Latin America and completes an expansion covering five continents.

Located on Brazil's southeast coast in Paraná State, TCP is the country's second largest container terminal and serves a catchment that includes 45 percent of the Brazil's population and 47.6 percent of its GDP.

With a capacity for 1.5 million TEU and a planned increase to 2.4 million by 2019, TCP is the only container terminal in Southeast Brazil with direct railway connection and is also the largest reefer terminal in the country, says CMG.

Hu Jianhua, CMPort vice chairman and EVP of CMG commented: "In 2017 China was the largest destination and origin for Brazilian exports and imports respectively. The two countries have [a] close international economic and trade relationship. I am confident of the long-term investment and mutual beneficial cooperation in Brazil."

Hu said CMG has invested in 52 ports in 20 countries and regions while actively promoting what he described as the "Port-Park-City" development "Shekou model", with the port as the link between industry and city.

"With TCP as the starting point, CMG will continuously promote the commercial and trade cooperation between the BRICS countries, especially in the fields such as Brazil's integrated logistics, transportation related infrastructure and logistic parks, in order to look for more opportunities on investment, development and operation," he added.

China Merchants, controlled by by China's state-owned Assets Supervision and Administration Commission with a capitalization of ¥13.75 billion, operates in three business areas: transportation (ports and related services, toll roads, energy shipping and logistics); finance (banking, securities, funds, insurance); and property development.