Nusantara Pelabuhan Deal: CM Port and Boy Thohir Forge Alliance

China Merchants Port Holdings Co Ltd (CM Port), a leading global player in port development, investment, and operations, is set to acquire a substantial 51 percent stake in PT Nusantara Pelabuhan Handal Tbk. The deal, valued at US$61.2 million, will mark CM Port's entry into Indonesia's port and logistics landscape.

The acquisition involves the purchase of shares from PT Episenta Utama Investasi, an entity indirectly controlled by prominent coal tycoon Garibaldi "Boy" Thohir. Episenta presently holds a commanding 74.06 percent share in Nusantara.

CM Port, renowned for its diverse business portfolio, engages in port operations, general and bulk cargo transportation, container and shipping enterprises, air cargo services, logistics area management, and even the production of paint products. Since 2008, the company has been gradually expanding its global footprint, and as of Dec 31, 2022, it boasts investments in or minority stakes in 42 ports across 25 countries or regions.

Through a written statement, the Corporate Secretary of Nusantara Pelabuhan Handal, Lina, confirmed the signing of the share purchase agreement between Episenta and CM Port. She emphasized, "The closing transaction is contingent upon fulfilling conditions outlined in the agreement, including necessary approvals from CM Port and compliance with regulatory provisions."