CSX World Terminals raises stake in Hong Kong terminal
CSX World Terminals LLC, the port company in the process of being acquired by Dubai Ports International, has bought an additional 39.1-percent stake in Asia Container Terminals, bringing its shareholding to 68.6 percent. Asia Container Terminals is the operator of Container Terminal 8 (West) in Hong Kong.
CSX has not disclosed the price paid for the additional shares acquired from Sun Hung Kai Properties Ltd.
Through an affiliate, CSX World Terminals manages the Asia Container Terminals terminal under a long-term management agreement.
Dubai Ports agreed to acquire CSX World Terminals from CSX Corp. for $1.15 billion in December.