PSA SELLS NON-PORT BUSINESSES TO SINGAPORE STATE COMPANY

PSA SELLS NON-PORT BUSINESSES TO SINGAPORE STATE COMPANY    PSA Corp., the state-controlled global terminal operator of Singapore, will sell its airport handling, cruise terminal and exhibitions businesses, together with its stake in Singapore Cable Car (Pte) Ltd., to a subsidiary of Temasek Holdings, a company owned by the state of Singapore.
   Temasek Holdings is a major shareholder in PSA, Neptune Orient Lines and other companies.
   The assets will be transferred at net tangible asset value as at March 31. PSA said that the assets were worth about S$182 million ($105 million) on Dec. 31, 2002.
   The transfer, which is subject to regulatory and other approvals, is targeted to take effect on March 31.
   “The transfer is in line with PSA’s strategic intent to sharpen its business focus on its core competence in port development, management and operations,” the Singaporean port group said.
   One of the companies included in the transfer are CIAS International Pte Ltd., the holding company of airport terminal service provider Changi International Airport Services Pte Ltd. CIAS is also engaged in the overseas joint ventures Guangzhou Bai Yun International Airport Ground Handling Services Co. in China and Asia Airfreight
Terminal Co. Ltd. in Hong Kong.