MILAN, Jan. 23 (Class Editori) - According to market information, a Chinese Group led by China Merchant, the state-owned group active in the infrastructure, shipping, finance and real estate fields, will probably become the controlling shareholder of a strategic infrastructure, the most iconic one among the road infrastructures of the new Belt and Road Initiatives: the third bridge on the Bosphorus, which links Asia and Europe to Istanbul.
The infrastructure, inaugurated in 2016 and created by the Italian group Astaldi as the main contractor, is the largest suspension bridge worldwide, whose towers are higher than the Eiffel Tower; it is part of the Marmara Highway, a motorway of 150 km which links Odayeri and Pasaköy cities.
Astaldi, who initially owned a share of 33 percent in joint venture with the Turkish ICTAS, should have had to manage the infrastructure until 2024, but he had to sell its share to the Turkish company, due to serious financial problems, which had put him into receivership.
The transfer has been authorised by the Turkish Antitrust and ICTAS, which became the only shareholder of the infrastructure, after a settlement agreement with Astaldi of USD 315 million, compared to 386.5 previously expected. USD 100 million related to common projects among the parties taking place in Russia would be part of this amount, including Astaldi’s debt towards ICTAS, which amounts to USD 78 million, and the payment due from Astaldi to ICTAS of USD 22 million for the Kia project, concerning the commission to design, build, construct and manage the Menemen - Aliaga - Çandarli Highway motorway in Turkey.
Meanwhile, ICTAS had already started negotiations with a Chinese Group interested in investing a share amounting to 51 percent of the equities of the company which manages the bridge, where there is the railway too. The Group is made by six Asiatic operators willing to invest USD 688.5 million in the operation.
China Merchants Expressway Network & Technology (CMET) is driving the collaboration with Anhui Expressway, CMU, Zheijang Expressway, Jiangsu Expressway and Sichuan Expressway. CMET will be the main shareholder of the new entity, owning a share of 31 percent compared to the amount of already invested USD 231.4 million. China Merchants Union, supervised by China Merchants Group, will have a share of 20 percent in the Joint Venture; Zhejiang and Jiangsu will hold 17.5 percent respectively, while Sichuan and Anhui 7 percent respectively.
(Source:Class Editori)
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