 |  |
(Hong Kong, 12 June 2005) Hutchison Whampoa Limited (HWL) announced today that a subsidiary of the Company has signed an agreement to sell 20 per cent and 10 per cent effective equity in Hongkong International Terminals (HIT) and COSCO-HIT respectively to PortCapital Limited, an investment holding company backed by Singapore's PSA International Pte Ltd (PSAI), for a cash consideration of US$925 million (approximately HK$7,215 million).
The Company will realise a gain of HK$5.5 billion upon completion of the transaction, which has been scheduled for 22 June 2005 or an earlier date as both parties may agree. The net proceeds from the transaction will be used for HWL's general working purposes.
Commenting on the transaction, HWL Group Managing Director Mr Canning Fok said, "The terms of this transaction are fair and reasonable and are in the interests of the Company and its shareholders as a whole. We are happy that this transaction will create a strong alliance in the Group's port operations, and will put us in a position to have strategic co-operation resulting in further value creation for all parties."
"We are confident about Hong Kong's container terminal business. The strategic alliance will make HIT and COSCO-HIT even stronger players in this highly competitive market of container terminal operations," added Mr John Meredith, Group Managing Director of Hutchison Port Holdings Limited.
Hutchison is one of the world's largest private port operators, operating 39 ports in 19 countries.
About Hutchison Whampoa Limited
Hutchison Whampoa Limited (HWL) is a leading international corporation committed to innovation and technology with businesses spanning the globe. Its diverse array of holdings ranges from some of the world's biggest retailers to property development and infrastructure to the most technologically-advanced and marketing-savvy telecommunications operators. HWL reports consolidated turnover of approximately HK$179 billion (US$23,000 million) for the year ended 31 December 2004. With operations in 52 countries and about 200,000 employees worldwide, Hutchison has five core businesses - ports and related services, telecommunications, property and hotels, retail and manufacturing, and energy and infrastructure.
Its flagship companies include Hutchison Port Holdings, Hutchison Telecom, Hutchison Whampoa Properties, A.S. Watson, and Cheung Kong Infrastructure.
For more information, please visit www.hutchison-whampoa.com
About PortCapital Limited
PortCapital Limited is an investment holding company backed by PSA International Pte Ltd.
About PSA International Pte Ltd
PSA International Pte Ltd (PSAI) is a global leader in the ports and terminals business with interests in 18 port projects in 11 countries around the world. In 2004, PSAI handled more than 33 million twenty-foot equivalent units of container worldwide.
For further information, please contact:
Ms Laura Cheung
Tel : (852) 6330 4227
Fax : (852) 2128 1766
Email : laurac@hwl.com.hk
| © Copyright 1996-2024 irasia.com Ltd. All rights reserved. |
|
DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any
information provided on this website. Under no circumstances shall irasia.com Ltd be liable
for damages resulting from the use of the information provided on this website.
TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited. TERMS OF USE: Please read the Terms of Use governing the use of our website. |