Stocks News
- Hutchison Whampoa to up Shenzhen port stake
Date: 13-Sep-2007 Sources: (Shenzhen Daily)
HONG KONG'S Hutchison Whampoa Ltd. will spend 270.63 million yuan (US$35.79 million) to increase its stake in a Shenzhen port joint venture.
The deal will give Hutchison Whampoa, parent of the world's largest container-terminal operator, control of one of the fastest-growing ports in southern China.
Hutchison Whampoa will increase its stake in the venture, whose Chinese name translates as Shenzhen Yantian West Port Terminals Ltd., to 65 percent from 41.67 percent through its unit Hutchison Ports Yantian Ltd., according to a filing by Shenzhen Yan Tian Port Holdings Co. to the Shenzhen Stock Exchange on Tuesday.
Upon completion of the deal, Hutchison's joint-venture partner, Shenzhen Yan Tian, will reduce its stake in the venture to 35 percent from 58.33 percent.
Yantian West Port Terminals mainly engages in construction, operation and management of the terminals and berths in the west port area of Yantian port.
Yantian West Port Terminals reported a net profit of 6.59 million yuan last year.
Shenzhen Yan Tian Port's yuan-denominated A shares were 0.75 percent higher at 17.38 yuan yesterday in Shenzhen Stock Exchange trading.
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