Hutchison Whampoa (0013.HK), the Hong Kong-based conglomerate controlled by Li Ka-shing, will spend US$733.4 million to raise its controlling stakes in ports in Hong Kong and Shenzhen, the Wall Street Journal reported. Hutchison Port Holdings’ stake in Hongkong International Terminals will increase to 76.5% from 66.5%, while its stake in Yantian International Container Terminals in Shenzhen will rise to 53.4% from 48%. The selling party is China Resources Holdings, the state-owned parent of China Resources Enterprise (0291.HK). Hutchison did not disclose the financial details of the transactions. A spokesman for the company, which operates 51 ports in 25 countries, merely said that Hutchison remains optimistic about the port industry’s prospects as the global shipping market continues to recover from the financial crisis. Hutchison’s Hong Kong-listed shares rose 5.3% to HK$84.20 (US$10.83) Monday, outperforming the 1.7% increase in the Hang Seng Index.
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