DP World gains on Hong Kong divestment
- United Arab Emirates: Thursday, March 07 - 2013 at 15:54
The FTSE NASDAQ Dubai UAE 20 Index closed 0.11% higher at 2172.59 Thursday. Dubai Ports (DP) World, globally the 3rd biggest maritime port operator with over 60 ports worldwide in its portfolio, advanced 0.76% to reach $13.20. Earlier in the day, DP World said it divested 75% of its interests in CSX World Terminals Hong Kong Ltd. (CT3), which operates berth 3 of the Kwai Chung Container Terminal and ATL Logistics Centre Hong Kong Ltd., a logistics centre located alongside CT3, and 100% of its interest in Asia Container Terminal Ltd, which operates Asia Container Terminal 8 West (CT8). "The total consideration to be received by DP World for the two transactions is $742m including the repayment of certain shareholder loans," the port giant said. The total net gain is expected to be approximately $151m, subject to transaction costs and currency movements. DP World will divest 75% of its equity interests in CT3 and ATL, for $463m, to Goodman Hong Kong Logistics Fund, a non-listed real estate trust. DP World will form a strategic partnership in respect of these assets. As part of this partnership, DP World will continue to manage the port operations. The Emirati port conglomerate also sold its entire 55.16% stake in Asia Container Terminals Holdings Ltd., the holding company of the entity that owns and operates CT8, for $279m to Hutchison Port Holdings Trust.
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