SIPG to sell 20pc of Mingdong joint venture terminal with Hutchison


THE Shanghai International Port Group (SIPG) will seek regulatory approval to sell 20 per cent of Shanghai Mingdong Container Terminals it owns on a 50:50 basis with Hong Kong's Hutchison Port Holdings (HPH).

Shanghai Mingdong operates Phase Five and Phase Six of the Waigaoqiao area. Mingdong, half owned by SIPG and half by HPH, has one 100,000-tonne, two 70,000-tonne, four 50,000-tonne and two 3,000-tonne berths, according to its website.

"This proposed sale meets the requirement of our strategic development and can benefit our actual operations," SIPG said in a filing on the Shanghai bourse, reported Lloyd's List.

According to the filing, SIPG plans to auction the 20 per cent stake on Shanghai United Assets and Equity Exchange. Mingdong posted a net profit of CNY340 million (US$55.3 million) drawn on first half revenues of CNY880 million.

Source from : Shippingazette