Thursday, March 07, 2013 5:07 am
Dubai's DP World sells HK port stakes for $742M
The Associated Press
DP World said Thursday it sold 75 percent of its stakes in CSX World Terminals and the ATL Logistics Center to Australian warehouse operator Goodman Group for $463 million.
The company also sold its stake in Asia Container Terminals for $279 million to Hutchison Port Holdings Trust.
DP World said its net gain will be $151 million because some money will go to repay shareholder loans.
They're the latest overseas asset sales for the world's third-largest seaport operator. In September it sold stakes in port businesses in Belgium and Yemen.
The profit-making company is part of the troubled Dubai World conglomerate, but was excluded from its parent's multibillion-dollar debt restructuring.