Shanghai International Port Group is to own phases two and three of Yangshan deepwater terminal, reported Shanghai Daily. The port operator will gain control of the two phases by selling Rmb8.1bn of shares through a private placement with majority shareholder Tongsheng Investment Group, part of Shanghai State-owned Assets Supervision Administration Commission.

Guotai Junan Securities said the deal would lead to a boost in SIPG’s long-term income and a strengthening of Shanghai’s position as a major shipping centre. Yangshan handled 5.27m TEU in 2009.