Cathay Pacific sells Hactl stake before new terminal opening

Cathay Pacific, Swire Pacific and Citic Pacific raise $329 million from the sale of their combined 40% stake in Hong Kong Air Cargo Terminals.
Competition for Hong Kong's air cargo market will pick up in 2013.
Competition for Hong Kong's air cargo market will pick up in 2013.

Cathay Pacific Airways, Swire Pacific and Citic Pacific have sold their combined stake in Hong Kong Air Cargo Terminals Hactl for HK$2.56 billion $329 million, fulfilling their obligation to divest the shares ahead of the opening of a new air cargo terminal at the airport.

Hactl's remaining owners, Jardine Matheson, Hutchison Port Holdings, Wharf Holdings and China National Aviation Corporation CNAC, will buy the 40% stake, increasing their combined ownership to 100%. Their new individual shareholdings were not disclosed in stock exchange filings. The transaction will be completed by May 31.

In a statement, Hactl said the increased investment in the company by the remaining owners demonstrated confidence in the cargo facility's...

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