The Shanghai International Port Group (SIPG) will seek regulatory approval to sell 20% of Shanghai Mingdong Container Terminals it owns on a 50%-50% basis with Hong Kong’s Hutchison Port Holdings (HPH).
Shanghai Mingdong operates Phase Five and Phase Six of the Waigaoqiao area. Mingdong, half owned by SIPG and half by HPH, has one 100,000-tonne, two 70,000-tonne, four 50,000-tonne and two 3,000-tonne berths, according to its website.
According to the filing, SIPG plans to auction the 20%stake on Shanghai United Assets and Equity Exchange. Mingdong posted a net profit of CNY340 million (US$55.3 million) drawn on first half revenues of CNY880 million.