HPH Trust sells 60% of Hong Kong terminal to 2 strategic partners for $403 million
Published on Mar 13, 2014 9:06 PM
Hutchison Port Holdings Trust (HPH Trust) is selling a 60 per cent stake in a Hong Kong terminal it bought a year ago for HK$2.47 billion (S$403.4 million).
HPH Trust will sell a 40 per cent interest in Asia Container Terminals Holdings (ACT Holdings) to Cosco Pacific and another 20 per cent stake to China Shipping Terminal Development (Hong Kong) Co, said the manager of the mainboard-listed trust in a Singapore Exchange filing on March 13.
The sale comes almost exactly a year after HPH Trust paid HK$3.17 billion for ACT Holdings, the holding company of Asia Container Terminals, the entity that owns and operates Container Terminal 8 West, located at Kwai Chung, Hong Kong.
This terminal is adjacent to HPH Trust's existing container terminals: Hongkong International Terminals (HIT) and Cosco-HIT Terminals (HK).
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