Hutchison Whampoa stock up on news of possible stake sale

Hutchison Whampoa share price rose in Friday morning trading, after news that the Hong Kong conglomerate was in talks for a partial disposal of its port assets valued up to HK$150 billion to HK$160 billion.

Hutchison opened 0.97 per cent higher at HK$103.5 and had risen 1.5 per cent as of 2.30pm. The company has a market capitalisation of around HK$441 billion.

The South China Morning Post on Friday reported that Hutchison, which controls Hutchison Port Holdings, the world’s largest port operator, is mulling a 40 per cent stake sale to a consortium of mainland firms including China Merchants Holdings (International), Cosco Pacific, China Shipping Terminal Development and State Development & Investment Corporation.

CMHI share price dipped 0.18 per cent to HK$28.15. Cosco Pacific slid 1.25 per cent to HK$11.02 as of 10.30am.