HK Container Terminal Interests Cashed-in by DP World

Press Release
Thursday, March 07, 2013
Kwai Chung Terminal: Photo courtesy of Anderson Asphalt

DP World has entered into two transactions to monetise its interests in two container terminals & a logistics centre in Hong Kong.

The transactions will see DP World monetise 75% of its interests in CSX World Terminals Hong Kong Limited (CT3), which operates berth 3 of the Kwai Chung Container Terminal (‘CT3’) and ATL Logistics Centre Hong Kong Limited (ATL), a logistics centre located alongside CT3, and 100% of its interest in Asia Container Terminal Ltd (ACT), which operates Asia Container Terminal 8 West (CT8).

The total consideration to be received by DP World for the two transactions is USD 742 million including the repayment of certain shareholder loans. The proceeds will go towards maintaining a strong capital position. The total net gain is expected to be approximately USD 151 million, subject to transaction costs and currency movements.

DP World will divest 75% of its equity interests in CT3 and ATL, for a cash consideration of USD 463 million, to Goodman Hong Kong Logistics Fund, to form a strategic partnership in respect of these assets.

As part of the strategic partnership, DP World will continue to manage the port operations. Completion, subject to regulatory approvals, is expected to be towards the end of the first half of 2013.

DP World will also divest all its 55.16% interest in Asia Container Terminals Holdings Limited, the holding company of the entity that owns and operates CT8, for a cash consideration of HK$2,161 million (USD 279 million), to Hutchison Port Holdings Trust (HPH Trust). This transaction closed earlier today.

As at 31 December 2012 the value of the assets disposed of was USD 653 million and they contributed a total of USD 39 million1 to DP World’s gross profit.

 Sultan Ahmed bin Sulayem, Chairman of DP World 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.”
 

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

G E Shipping delivers “Jag Aakash” to Buyers

The Great Eastern Shipping Company Ltd. delivered the new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt) to the buyers.  The vessel was contracted for sale in August 2015.

Otto Marine Signs Contracts to Supply 2 AHTS Vessels

Go Offshore,  wholly-owned subsidiary of Otto Marine has entered into an agreement for two long-term anchor handling tug supply (AHTS) charter contracts worth USD25.

Husain appointed ABB’s CTO

ABB, the leading power and automation technology group, has appointed Bazmi Husain as Chief Technology Officer (CTO), effective January 1, 2016. Husain, an expert

Ports

MSC Cruise to Homeport in China

MSC Cruises has announced that the MSC Lirica will homeport in Shanghai to serve the Chinese cruise market, through a strategic partnership with CAISSA Touristic Group.

Oakland Terminal Operators Propose Off-peak Hours

Marine container terminal operators at the Port of Oakland are developing a program to operate their terminal gates on Saturdays to reduce weekday congestion at the port.

That’s Not Coming on Board!

There’s hardly anything that can’t be shipped in a container. However, for ethical reasons, Hapag-Lloyd refuses to transport certain goods.   Anyone who regularly transports goods for third parties,

Finance

G E Shipping delivers “Jag Aakash” to Buyers

The Great Eastern Shipping Company Ltd. delivered the new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt) to the buyers.  The vessel was contracted for sale in August 2015.

New Energy-saving Windshield on MOL MARVEL

Mitsui O.S.K. Lines, Ltd. today announced that it has started demonstration tests of a new windshield for containerships, which has the potential to reduce wind resistance,

Taiwan Eyes Budget for New Submarines

Taiwan’s defense ministry seeks financing to expand the country’s submarine fleet, reports Reuters quoting local media reports.   The government has allocated $92.

Logistics

New Energy-saving Windshield on MOL MARVEL

Mitsui O.S.K. Lines, Ltd. today announced that it has started demonstration tests of a new windshield for containerships, which has the potential to reduce wind resistance,

Hanjin Rolls Out First Philippine-made LPG carrier

Hanjin Heavy Industries and Construction Philippines (HHIC-Phil), which operates the world's fourth shipbuilding facility in Subic Freeport Zone, unveiled the

DP World Nhava Sheva Helps Enhance Efficiency

DP World Nhava Sheva, well-known for its operational efficiency; once again orchestrated a win-win situation for the trade and maintained normal import and export

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.6692 sec (1 req/sec)