Hong Kong: The largest global port operator, Hutchison port Holdings, boosted its stake in Shenzhen and Hong Kong container ports, the world's third- and fourth-busiest.
Hutchison said on Monday it had agreed to buy port and property assets from partner China Resources (Holdings) Co Ltd, parent of China Resources Enterprise Ltd , for HK$5.7 billion ($732 million).
"China Resources has been looking to divest its port operations, and selling to Hutchison is a win-win situation," said Credit Suisse analyst Cusson Leung.
"The most important mission for Hutchison going forward is to seek investment opportunities to deploy its cash. This is the best way to utilise the resources," he said, referring to the acquisition of port assets. [04/01/11]
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