DP World to sell stakes in Hong Kong container terminals and logistics centre for $742 mn
07 March 2013
DP World Limited today said that it would sell stakes in two container terminals and a logistics centre in Hong Kong for $742 million, the Dubai Port operator said in a statement.
DP World will sell its 75-per cent stake in CSX World Terminals Hong Kong Limited, which operates berth 3 at the Kwai Chung Container Terminal, and ATL Logistics Centre Hong Kong Limited, a logistics centre, to Goodman Hong Kong Logistics Fund for $463 million.
It will also sell its entire 55.16 per cent stake in Asia Container Terminal Ltd, which operates Asia Container Terminal 8 West to Hutchison Port Holdings Trust for $279 million.
After removing repayment of certain shareholder loans, DP World expects a total net gain of around $151 million, subject to transaction costs and currency movements.
Sultan Ahmed bin Sulayem, chairman of DP World said, ''We believe Hong Kong will continue to be a very interesting market however, our presence was small relative to the market. This reorganisation, forming a strategic partnership and partially monetising some assets, allows us to realise value and recycle capital into new, fast growing opportunities in other markets.''
DP World, majority owned by the Dubai government, is the world's fourth-biggest container port operator with over 60 terminals across six continents.