DP World raises $742m through Hong Kong sales
Port operator sells controlling stakes in three businesses
Dubai-based ports operator DP World has sold stakes in a number of assets owned in Kong Kong, which it plans to reinvest in other markets.
The company has sold 75% of its interest in CSX World Terminals in Hong Kong, which operates berth 3 of the Kwai Chung Container Terminal (CT3), and a 75% stake in a neighbouring logistics base trading has ATL Logistics Centre Hong Kong (ATL). It has also sold its entire interest in the Asia Container Terminal (ACT) business that operated Asia Container Terminal 8 outright.
The company has raised $742m through the stake sales, which has included the repayment of shareholder loans. Its total net gain from the project is $151m.
The CT3 and ATL assets were sold to Goodman Hong Kong Logistics Fund. DP World will continue to manage the ports through a new partnership with the fund.
The company has also sold the 55.16% stake it owned in ACT for $279m to Hutchison Port Holdings Trust.
DP World chairman Sultan Ahmed bin Sulayem 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."