HPH, COSCO and China Shipping enter strategic partnership
COSCO and China Shipping have entered a strategic partnership with Hutchison Port Holdings (HPH), whereby the two Chinese companies have made a 40% and 20% equity investment respectively, in HPH’s wholly-owned subsidiary, Asia Container Terminals Holdings Limited (ACT). The aggregate consideration is HK$2.472bn (US$318,349m).
ACT, which HPH bought from PSA International last year for HK$3.92bn (US$504.8m), owns and operates Container Terminal 8 West, located at Kwai Chung, Hong Kong, adjacent to HPH’s existing container terminal (Hongkong International Terminals Limited (HIT) and COSCO-HIT Terminals (HK) Limited.
The agreement has been made through Hutchison Port Holdings Management Pte. Limited, as trustee-manager of Hutchison Port Holdings Trust, COSCO Pacific Limited and China Shipping Terminal Development (Hong Kong) Company Limited, managed and operated by China Shipping Terminal Development Company Limited (CSTD).
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