Dubai’s DP World sells Hong Kong assets for USD742m

07 Mar 2013

(MENAFN) DP World Limited, the world’s fourth largest port operator, has agreed to give up stakes in two container terminals and a logistics centre in Hong Kong for USD742 million, Reuters reported.

DP World will sell 75 percent of its interests in container terminals CSX World Terminals Hong Kong Limited and ATL Logistics Centre Hong Kong Limited (ATL) to a unit of Australian warehouse operator Goodman Group for USD463 million in cash.

It signed a USD279 million deal to sell its entire 55.2 percent stake in Asia Container Terminal Ltd, which operates Asia Container Terminal 8 West (CT8), to Hutchison Port Holdings Trust, a unit of conglomerate Hutchison Whampoa Ltd.

The container port operator is selling its assets in non-core international markets and redeploying funds in fast-growing markets.

DP World said the sales will result in a net gain of USD151 million, which would help boost its capital levels.

In October 2012, DP World transferred its quarter stake in a Russian container terminal to Global Ports Investment in a USD230 million deal.

It also gave up its operations in Belgium in 2012 and also quit its venture in Yemen.

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