ASIA

PSA ravenous for acquisition

22 years ago

PSA International is unclear whether its bid for Asian Container Terminals Ltd will be allowed to go ahead. Originally, its offer to buy a 50% stake in the terminal from Sun Hung Kai Properties was accepted on 30 November last year.

ATL Logistics Centre: PSA stalking NWS Holdings

First phase investment will require US$100m to develop roads, a 600 metre long quay, a reservoir, a bonded warehouse and upgraded power supply, allowing the facility to open by 2007.

However, since then the acquisition of original shareholder CSX World Terminals by Dubai Port International has meant that this new shareholder now has the legal right to refuse sale of the stake to PSA; instead, they can buy the stake themselves. PSA also attempted to buy CSX World Terminals, which owns 29.5% of Asia Container Terminals.

Meanwhile Lloyd’s List claims that PSA has reportedly bid US$384m for Hong Kong’s NWS Holdings which has a 33.3% stake in the port’s Container Terminal Three, a 54.2% stake in Container Terminal Eight West, a 55.7% stake in the ATL Logistics Centre, a 24.5% stake in CSX Tianjin port, a 50% holding in Xiamen Xiang Yu terminal and an 18% stake in Tianjin Five Continents International Terminal.