Kaisen Limited has completed the acquisition of 50% equity interest in Jessica Shipping Co Pte Ltd from Wilmar Ship Holdings Pte Ltd for a consideration of $25,000.

Wilmar Ship Holdings is a wholly owned subsidiary of Wilmar International.

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"A subsidiary of the China Merchants Group (CMG), China Merchants Port Holdings Company (CMPort), has acquired 90% stake in Paranaguá Container Terminal (TCP) for HK$7.23bn ($923m)."

Jessica Shipping primarily charters ships, barges and boats, as well as providing crew members, while Wilmar International is engaged in oil palm cultivation, oilseed crushing, edible oil refining, sugar milling and refining.

All companies involved in the transaction are based in Singapore.

Jessica is expected to operate as an indirect, 50%-owned joint venture (JV) of Wilmar upon completion of the transaction.

A subsidiary of the China Merchants Group (CMG), China Merchants Port Holdings Company (CMPort), has acquired 90% stake in Paranaguá Container Terminal (TCP) for HK$7.23bn ($923m).

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TCP now operates as a subsidiary of CMPort following the acquisition.

CMPort is a Hong Kong-based firm, while TCP is located in the state of Paraná, Brazil.

The acquisition is based on a share purchase agreement that was originally signed in September 2017, as well as a letter of intent (LoI) that was signed to close the deal in February 2018.

The deal forms part of CMPort’s strategy to expand its overseas port network across five continents.

TCP currently handles 1.5 million twenty-foot equivalent units (TEUs) annually and is expected to increase its capacity to 2.4 million TEUs upon further expansion.