PSA gets foothold in Hong Kong with terminal purchase

PSA gets foothold in Hong Kong with terminal purchase    Singapore-based port group PSA has confirmed it is moving into the Hong Kong port business for the first time by acquiring a majority share in Asia Container Terminals, which operates two container berths at CT8.
   “PSA has agreed to buy the 57-percent stake in Asia Container Terminals Ltd. from Sun Hung Kai Properties,” a PSA spokesperson said.
   PSA would not disclose how much it paid for its investment in the Hong Kong terminal operator, although the amount is reported to be as much as HK$2.6 billion ($334 million).
   The move is significant not only because PSA had not been present in the world’s largest container port, but also because Hong Kong is the home market of Hutchison Port Holdings, PSA’s main rival in Asia.
   CSX World Terminals Hong Kong Ltd., an affiliate of CSX Corp., is also a shareholder in Asia Container Terminals.