Temasek Holdings sells its stake in port business
2022.12.09 01:56
Temasek Holdings sells its stake in port business
Budrigannews.com – Two people who are familiar with the situation told Reuters that port operator PSA International, which is completely owned by Temasek Holdings, a Singaporean state investor, is thinking about selling its multi-billion dollar 20% stake in the ports business of CK Hutchison Holdings.
In 2006, PSA, the second-largest container terminal operator in the world with 160 locations across 42 countries and a global network, paid $4.4 billion for a stake in the ports business of the Hong Kong-based conglomerate.
A Reuters inquiry was not immediately answered by PSA. Retired billionaire Li Ka-shing’s conglomerate, CK Hutchison, and Temasek both declined to comment.
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The sources, who did not wish to be identified due to the sensitive nature of the matter, stated that PSA is in the early stages of evaluating an exit from CK Hutchison’s ports business and that some potential bidders have been tapped.
Although the main Hong Kong business of CK Hutchison’s ports division is one of the largest port operators in the world, Chinese ports have been fierce competitors in recent years.
