Maersk sells stake in Yantian Terminal for US$520m
AP Møller-Maesk and its owned subsidiary Orion Ltd have entered into an agreement to sell their interests (a total of 13.7 %) in Sigma Enterprises, which owns an interest in the Yantian International Container Terminal, China, and the related shareholder loans to Crestway International (a subsidiary of COSCO Pacific. The total transaction price will be US$520 million. AP Møller-Maersk’s subsidiary APM Terminals currently maintains operations and holds terminal interests throughout China at the Ports of Dalian, Guangzhou, Qingdao, Shanghai, Tianjin and Xiamen. APM Terminals‘ CEO Kim Fejfer commented: "We have been involved in Yantian since the beginning, and under the leadership of Hutchison, Yantian has been a very successful port development." He added that while it has been a good investment and excellent joint venture, this divestment is part of an active portfolio management. "We held a minority stake and we were not operator in Yantian. We received a fair offer, and this will enable us to focus on growing our business in areas, where we can add value through our strong project management and safe and efficient operations," said Fejfer. The transaction remains subject to consent from the other shareholders in Sigma, approvals from the shareholders of COSCO Pacific and China COSCO Holdings (in accordance with applicable stock exchange rules) as well as additional customary closing conditions. The transaction is expected to be finalised on or before July 31st. Quelle: eyefortransport |