SINGAPORE :Port operator PSA International, fully owned by Singapore state investor Temasek Holdings, is considering selling its multi-billion dollar, 20 per cent stake in the ports business of CK Hutchison Holdings, two sources familiar with the matter told Reuters.
PSA is in the early stages of evaluating an exit from CK Hutchison's ports business and some potential bidders have been tapped, said the sources, who did not want to be identified due to the sensitivity of the matter. The sources said PSA's move comes as it reviews its portfolio in the backdrop of muted global shipping activity.
CK Hutchison's ports division is one of the world's largest port operators but its mainstay Hong Kong business has been affected by tough competition from mainland Chinese ports in the last few years. Last month, U.N. agency UNCTAD forecast global maritime growth for 2023-2027 at an annual average of 2.1 per cent, down from the previous three-decade average of 3.3 per cent, with slow economic growth and the conflict in Ukraine hurting the outlook for trade.
Source: News Formal (newsformal.com)
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