Hutchison trust in tie-up to develop HK terminal

HUTCHISON Port Holdings Trust (HPH Trust) yesterday announced that it has joined hands with Cosco Pacific Ltd and China Shipping Terminal Development (CSTD) to develop a Hong Kong terminal, the Asia Container Terminals Ltd (ACT).

HPH Trust entered into a strategic agreement with Cosco Pacific and CSTD through their investments of 40 per cent and 20 per cent, respectively, in its wholly-owned subsidiary, Asia Container Terminals Holdings (ACT Holdings) for an aggregate consideration of HK$2.472 billion (S$403 million).

ACT Holdings is the holding company of ACT, the company that owns and operates Container Terminal 8 West, located at Kwai Chung, Hong Kong, adjacent to HPH Trust's existing container terminals - Hongkong International Terminals (HIT) and COSCO-HIT Terminals (COSCO-HIT).