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Hutchison, Ningbo Port in JV Alliance
Hong Kong-listed port developer Hutchison Whampoa plans to set up a joint venture with mainland's Ningbo Port Co to be listed on the Hong Kong stock exchange, a Ningbo Port official said Wednesday.
Hutchison planned to invest cash to account for 49 per cent of the joint venture, which would list H shares in Hong Kong, the official said.
The amount of cash to be invested by Hutchison had yet to be decided, she said.
"Hutchison plans an investment with cash but concrete figures will depend on an evaluation of assets of the would-be joint venture," she said.
It was reported yesterday that Hutchison planned to invest up to 1 billion yuan (US$120.8 million) in Ningbo Port.
The Ningbo Port official denied news reports that the company would cancel the share issue plan.
Ningbo Port was in full swing preparing an H share listing in Hong Kong, using assets of the joint venture with Hutchison, the official said. The company hoped to complete the initial public offering by the end of this year, she said.
Ningbo Port planned to invest 2.5 billion yuan (US$301.9 million) to build four container wharfs in the port with the cash investment from Hutchison and proceeds from the H share issue, she said but declined to give further details.
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