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Singapore port buys big stake in rival Hong Kong terminal.
(From Lloyds List)
Byline: PSA pays hefty price to gain a foothold in world's largest box port, write Marcus Hand in Singapore and Sam Chambers in Hong Kong
SINGAPORE terminal operator PSA International has broken into the rival port of Hong Kong paying a hefty price for a 57% stake in Asia Container Terminals.
'PSA has agreed to buy the 57% stake in Asia Container Terminals Ltd from Sun Hung Kai Properties,' a PSA corporate spokesman confirmed yesterday. ACT controls two berths at CT8 in Kwai Chung.
PSA did not comment on the price which was reported by the South China Morning Post at HK$2bn (US$256m) or more in cash plus an estimated HK$600m in ACT's debt, while SHKP merely said it was getting a 'satisfactory return'.
'That is a very good return for them,' an industry source said.
Just two weeks ago, SHKP trumped a HK$685m bid from PSA for Hong Kong Land Holding's 28.5% stake in ACT increasing its own stake to 57%.
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