Shanghai looks for bidders for terminal stake

Shanghai International Port Group (SIPG) is planning to dispose of a 20% in Shanghai Mingdong Container Terminal via public tenders on the Shanghai United Assets and Equity Exchange.

SIPG currently holds a 50% equity interest in Shanghai Mingdong with Hutchison Port Holdings owning the other half. Shanghai Mingdong’s profits hit US$101m on revenue of US$276m last year. It also owns part of the Waigaoqiao Container Terminal in central Shanghai.

The sale price of the 20% stake is yet to be determined but an asset evaluation is underway, SIPG said in a filing to the Shanghai Stock Exchange