One of the largest ports operators in the world DP World Ltd is now in the process of selling its stakes in a logistics hub and two container terminals located in Hong Kong. The price tag for the interests total US$742 million as part of transfer of assets to be more competitive in emerging markets.
This sale is the biggest one yet for the Dubai based port operator after divesting its interests in Australian ports nearly three years ago. The company remains one of the most profitable units in the debt laden Dubai World and the sale of global assets and market exits in areas which provide no significant presence are but two ways that the company is able to redeploy its assets to other areas in the world.
According to the Chairman of DP World in a statement sent to the Nasdaq Dubai Bourse, "We believe Hong Kong will continue to be a very interesting market. However, our presence was small relative to the market."
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