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Hutchison Whampoa (0013.HK) plans to spin off a port unit and raise US$6 billion ($7.7 billion) via a listing in Singapore, the biggest ever in the city-state, to expand its port facilities and infrastructure, IFR and the firm said on
Tuesday.
Hutchison, owned by tycoon Li Ka-shing, is proposing to spin off Hutchison Port Holdings Trust in a separate listing in Singapore, it said in a filing to the Hong Kong stock exchange.
Hutchison, owned by tycoon Li Ka-shing, is proposing to spin off Hutchison Port Holdings Trust in a separate listing in Singapore, it said in a filing to the Hong Kong stock exchange.
The listing will be completed by March and will allow the unit to raise US$6 billion, sources told IFR, a Thomson Reuters publication.
Hutchison said it had hired joint bookrunners and joint issue managers DBS Bank, Deutsche Bank AG and Goldman Sachs (Singapore), to apply for the Singapore listing.
The key assets of Hutchison Port are deep-water container port operations in Hong Kong and Guangdong province.
The proposal is subject to the approval of the Singapore stock exchange, the Monetary Authority of Singapore, the Hong Kong stock exchange and the company board.
Shares of Hutchison fell 0.63% in early trade on Tuesday, compared with a 0.24% rise in the Hang Seng Index <.HSI>.
