On 16 December 2006 P&O Dover (Holdings) Limited, a subsidiary of P&O and DP World sold its shares on Shekou Container Terminals Phase 1 (22.5%) and Phase 2 (owned indirectly 22.5% shares), a port of Shenzhen, People's Republic of China, to a joint venture company of China Merchants Holdings (International) and Modern Terminals Limited (MTL), for which MTL bore the whole cost. Shenzhen was ranked 4th in list of world's busiest container ports and Shekou Container Terminals was one of the four major terminals of Shenzhen.