Hutchison Port sells 60% of Hong Kong Terminal for $318 million

March 19 2014 Print This Article
Hutchison Port Holdings Trust (HPHT), partly owned by the second-biggest container port operator, sold 60 percent of a Hong Kong terminal company for HK$2.47 billion ($318 million).
Hutchison Port will sell a 40 percent stake in Asia Container Terminals Holdings Ltd. to Cosco Pacific Ltd. (1199), it said in a statement to the Singapore stock exchange. A 20 percent holding will be sold to China Shipping Terminal Development (Hong Kong) Co., it said.
The sale comes just a year after Hutchison Port had bought the terminal operator for HK$3.2 billion to expand its capacity in Hong Kong. Workers at another terminal operator owned by Hutchison Port went on a 40-day strike for more wages last May, leading some shipping lines to divert vessels to nearby ports in China. (Source: Bloomberg)