Hong Kong-based conglomerate Hutchison Whampoa, controlled by billionaire Li Ka-shing, announced on 17 January plans to list its new entity, Port Holdings Trust. The initial public offering could be Singapore’s biggest ever and add significantly to the fortunes of Hong Kong’s wealthiest man.
The world’s largest container-terminal operator plans to list its deep-water port holdings in Hong Kong and southern China, while still retaining a 25% stake in the trust that currently owns the terminals.
Managing director, Canning Fok said in a statement: “This new public vehicle will be an integral part of the group’s global ports operations going forward and will provide the best ongoing structure for operation, development and financing of future growth of its port operations.”
If the IPO offer is approved, Hutchison Whampoa could raise up to $6 billion, making it Singapore’s biggest ever public offering. The company said that it aims to use the capital to expand its ports and infrastructure operations, and reduce its overall consolidated debt.
Hutchison is controlled by billionaire Li Ka-shing’s (pictured) Cheung Kong Group. With a personal fortune of $21.3 billion, he was ranked the 14th richest person in the world in 2010 by Forbes.
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