CCCC port in Maranhão still not off the ground

Three years and three months after laying the cornerstone to build a private port in São Luís, the China Communications Construction Company (CCCC) group did nothing to put the project, valued at R$ 2 billion at the time, into being. Owner of 51% stake in the port enterprise, the Chinese giant is also facing an impasse with its partners, WPR, an infrastructure company of the WTorre group, and Lyon Capital, founded by Paulo Remy, who together hold the remaining 49% of the business.

Valor learned that the two minority shareholders hired BTG Pactual to sell their 49% in the project.

When it arrived in Brazil in November 2016 after purchasing 80% of the Concremat construction company for R$ 350 million, the Chinese giant valued at US$ 90 billion had ambitious plans to grow in Brazil. But since arriving in the country, the company has not been able to develop its billion-real projects.

A source linked to CCCC told Valor that the company failed to obtain the original US$ 500 million financings needed for the construction of the multi-cargo complex in São Luís, which would have the potential to almost double the movement of the public port of Itaqui (MA), currently ranked sixth in the country.

Source: Valor Econômico

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https://valor.globo.com/empresas/noticia/2021/06/30/porto-da-cccc-no-maranhao-nao-sai-do-papel.ghtml

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