Swire Pacific Ltd, its affiliate Cathay Pacific Airways and Citic Pacific agreed to sell their stakes in Hong Kong Air Cargo Terminals Ltd (HACTL) as the airline resumed work on building its own cargo terminal.
They will sell their combined 40 percent stake in Hong Kong's largest air-cargo handler to four existing shareholders, including Air China's parent, China National Aviation Corp (Group) Ltd, for HK$2.56 billion (US$328 million), according to a Swire Pacific statement.
The other three buyers are Jardine Matheson & Co, The Wharf (Holdings) Ltd and Hutchison Whampoa Ltd, the statement said, without elaborating the stake each of them would buy.
The sale is valued at HK$1.28 billion for Swire Pacific which owns 20 percent of HACTL and HK$640 million each for Cathay Pacific and for Citic Pacific whose stakes are 10 percent each.
Cathay Pacific, also Hong Kong's second-largest air cargo handler, has resumed work on a HK$5.5 billion air cargo terminal. It is scheduled to begin operations in 2013.
"The new cargo terminal represents a significant investment in Hong Kong and a clear commitment to continuing to develop the city as one of the world's most important international airfreight hubs," said Christopher Pratt, chairman of Swire Pacific and Cathay Pacific.
