New World Infrastructure (NWI) shares slipped yesterday after one of its indirectly owned subsidiaries announced it was selling the operation and management rights in Nanjing Huining Wharfs (Huining) for 18 million yuan (about HK$16.8 million) in cash.
NWI shares fell 1.22 per cent or five HK cents to close at HK$4.05 after it announced the sale of the rights to the Nanjing Port Authority.
The sale was announced in a joint statement issued by NWI and its 75 per cent-owned subsidiary Pacific Ports Co (PPC).
PPC holds the operating and management rights in Huining, through its indirectly wholly owned subsidiary New World (Nanjing) Port Investment.
The Nanjing Port Authority now has the right to operate Huining until June 2, 2019.
NW (Nanjing) will retain its 55 per cent stake in Huining, while Nanjing Port Authority will continue to own the remaining 45 per cent.