Hong Kong port terminal operator Hutchison Port Holdings Trust (HPH Trust) has reached an agreement to purchase a majority stake in Huizhou International Container Terminals Limited (HICT) in Guangdong from the trust’s sponsor for about $86.26m.
HPH Trust will acquire 65% and 15% of HITC equity interest, respectively through its subsidiaries, Yantian International Container Terminals (Phase III) Limited (YICT III) and Shenzhen Pingyan Multimodal Company Limited (PML).
Upon completion of the acquisition, HICT will be jointly held by YICT III (65%), Huizhou Port Group (20%) and PML (15%).
HPH Trust expects growth from the terminal, in particular intra-Asia cargo due to its strategic position.
