Red chip China Merchants Holdings (International) is to buy its parent's entire interests in Shekou Container Terminals (SCT) and Asia Airfreight Terminal (AAT) for $492.2 million. Both acquisitions were at a discount of about 8 per cent to the attributable fair equity value, China Merchants said last night. It will pay $386.4 million for its parent's 32.5 per cent interest in SCT, and $105.8 million for a 20 per cent interest in AAT. Parent China Merchants Holdings (Hong Kong), controlled by the mainland Ministry of Communications, has a 56 per cent stake in the red chip. The acquisitions are conditional on minority shareholders' approval.