Hutchison buys Asia Container Terminals from DP World and PSA

The sum includes HK$750m (US$97m) in cash to pay the existing indebtedness of ACT, giving HPH Trust a debt-free purchase. ACT Holdings will become became a wholly-owned subsidiary of HPH Trust giving it the opportunity to increase the handling capacity of its other container terminals in Hong Kong.

At the same time, DP World announced that it is selling its 75% interest in CSX World Terminals Hong Kong Limited which operates berth 3 of the Kwai Chung Container Terminal (CT3) and the ATL Logistics Centre (ATL) located alongside CT3, for US$463m to the Goodman Hong Kong Logistics Fund. The plan is to form a strategic partnership, a part of which will see DP World “continuing to manage port operations.” Completion, subject to regulatory approvals, is expected towards the end of the first half of 2013.

As at 31 December 2012 the value of the assets disposed of was US$653m and they contributed a total of US$39m to DP World’s gross profit.