State-owned port operators Cosco Pacific (1199.HKG) and China Shipping Terminal Development will pay US$317 million for a combined 60% stake in Asia Container Terminals Holdings, The Wall Street Journal reported. In a filing on Thursday, Asia Container Terminal’s parent Hutchison Port Holdings (NS8U.SGX) said it would book a US$16 million gain from the sale of the stakes in the port that it acquired last year. Asia Container Terminal owns and operates Container Terminal 8 West in Hong Kong, which has two berths that are adjacent to port facilities jointly operated by Hutchison and Cosco Pacific.
Categories