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Mon 1 Jan 2007 12:00 AM

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DP World unloads three Shenzen terminals

Dubai Ports World, the world’s third-largest container port operator, has reached an agreement with China Merchants Holding (International) to sell its stake in two of three Shenzhen terminals for 1782 million Hong Kong dollars (US$229 million).

Dubai Ports World, the world’s third-largest container port operator, has reached an agreement with China Merchants Holding (International) to sell its stake in two of three Shenzhen terminals for 1782 million Hong Kong dollars (US$229 million).

DP World said another minority shareholder had also agreed to sell its holding in the Shenzhen terminals to CMHI, which would enable the three terminal facilities in the port to merge into a single container terminal, named Mega SCT. Before the deal CMHI owned 50% of Shekou Container Terminal 1, 51% of Shekou Container Terminal 2 and 100% of the adjoining Shekou Container Terminal 3.

“This forms a part of the consolidation of the three terminals, which sit side by side,” said Peter Wong, DP World senior vice-president and managing director Asia Pacific. Completion of the deal is expected in the first quarter of 2007.

“This adjustment rebalances our China portfolio in line with our strategic vision. We will re-invest the proceeds into assets that fit our long term plan to meet customer needs in the region going forward,” said Wong.

“Customers will see no change in the level of service they receive at Shekou. Like DP World, CMHI is committed to providing shipping lines with top quality services.”

DP World acquired the holdings in the Shekou Container Terminals in Shenzhen, near Hong Kong, as part of the acquisition of Britain’s Peninsular & Oriental Steam Navigation Co. in February 2006.

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