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Hutchison sells 60pc of HK terminal ACT to Cosco Pacific and CSTD
HUTCHISON Port Holdings Management has sold 40 per cent of Asia Container Terminals (ACT), a Hong Kong container terminal, to Cosco Pacific and another 20 per cent to China Shipping Terminal Development (CSTD) for HK$2.5 billion (US$322 million).
Said Cosco Pacific vice-chairman and managing director Wang Xingru: "Our investment in ACT will enhance our terminal profitability and further strengthen our presence in Hong Kong, which is one of the major gateways to South China."
Said CSTD managing director Fang Meng said: "This will enable us to deploy ultra large containerships, including the 19,000-TEU vessels which are scheduled for delivery in November."
The Singapore-listed HPH Trust unit of the Hong Kong based Hutchison Whampao conglomerate also said the investment boded well for the terminal, which handled more than one million TEU 2013.
Said Cosco Pacific vice-chairman and managing director Wang Xingru: "Our investment in ACT will enhance our terminal profitability and further strengthen our presence in Hong Kong, which is one of the major gateways to South China."
Said CSTD managing director Fang Meng said: "This will enable us to deploy ultra large containerships, including the 19,000-TEU vessels which are scheduled for delivery in November."
The Singapore-listed HPH Trust unit of the Hong Kong based Hutchison Whampao conglomerate also said the investment boded well for the terminal, which handled more than one million TEU 2013.
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