DP World to sell stakes in Hong Kong assets for $742 mln

DUBAI, March 7 Thu Mar 7, 2013 1:15am EST

DUBAI, March 7 (Reuters) - Dubai's port operator DP World Limited has agreed to sell stakes in two container terminals and a logistics centre in Hong Kong for a total consideration of $742 million, it said in a statement on Thursday.

The company will sell 75 percent of its stakes in container terminals CSX World Terminals Hong Kong Limited and ATL Logistics Centre Hong Kong Limited (ATL) to Goodman Hong Kong Logistics Fund for $463 million, it said in a statement on the Nasdaq Dubai website.

DP World is also selling all its 55.2 percent stake in Asia Container Terminal Ltd, which operates Asia Container Terminal 8 West (CT8), to Hutchison Port Holdings Trust for $279 million.

The asset disposals are expected to result in a net gain of $151 million for DP World and help boost its capital levels, the port operator said.

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