Singapore’s PSA in talks to sell 20 per cent of Hutchison’s ports to China’s state giants, sources say
- PSA is seeking about US$4 billion for its 20 per cent share of CK Hutchison’s ports assets, the sources said
- PSA, owned by Singaporean state investment firm Temasek Holdings, is working with an adviser as it fields preliminary interest in the stake, they said
PSA is seeking about US$4 billion for its 20 per cent share of CK Hutchison’s ports assets, the people said, asking not to be identified because the matter is private. PSA, owned by Singaporean state investment firm Temasek Holdings, is working with an adviser as it fields preliminary interest in the stake, the people said.
The sale process has just kicked off and PSA is holding early talks with potential bidders including China Merchants, Cosco and other firms in the sector, the people said.
Discussions are preliminary and the firms could decide against making offers, they said. A representative for PSA declined to comment, while spokespeople for China Merchants, Cosco and CK Hutchison did not immediately respond to requests for comment.
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Based in Singapore, PSA International operates more than 60 deep-sea, rail and inland terminals across 42 countries, according to its website. It bought the stake in CK Hutchison’s ports business in 2006 for US$4.4 billion.
