A.P.Moeller-Maersk sells its share of the Yantian International Container Terminal in China for USD 520 million. The sale is expected to generate an accounting gain in the order of USD 300-400 million in 2010, A.P.Moeller-Maersk wrote in a press release.
»We have been involved in Yantian since the beginning, and under the leadership of Hutchison Yantian has been a very successful port development. It has been a good investment and excellent joint venture. This divestment is part of an active portfolio management. We held a minority stake and we were not operator in Yantian. We received a fair offer, and this will enable us to focus on growing our business in areas where we can add value through our strong project management and safe and efficient operations,« said Kim Fejfer, CEO of APM Terminals.
The sale concerns owner interests of totally 13.7 per cent in Sigma Enterprises Limited, which owns an interest in Yantian International Container Terminal.
A.P.Moller-Maersk notes that China continues to be an important growth marked for APM Terminals.
APM Terminals maintains operations and holds terminal interests throughout China at the Ports of Dalian, Gunagzhou, Qingdao, Shanghai, Tianjin and Xiamen.
The transaction remains subject to consent from the other shareholders in Sigma, approvals from the shareholders of COSCO Pacific Limited and China COSCO Holdings Company Limited as well as additional cutomary closing conditions.
The transaction is expected to be finalised on or before July 31, 2010.