Hutchison to float ports business in Singapore

The Hong Kong conglomerate has flagged an intention to spin off its container ports assets in Hong Kong and Guangdong for a separate listing that market sources estimate could raise as much as $5 billion to $7 billion.

Hutchison Whampoa announced yesterday that is planning to spin off its port assets in Hong Kong, Macau and China’s southern Guangdong province for a separate listing in Singapore. The choice of Singapore instead of Hong Kong was said to be motivated by the possibility to list the assets as a business trust there, while Hong Kong doesn’t have the regulations in place for such vehicles. A business trust will allow the company to distribute essentially all of its free cash...

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