Port operator CK Hutchison Group has entered into a binding agreement with Swire Pacific to acquire 50 per cent interest in Hongkong United Dockyards (HUD) from Swire Pacific.
Following the acquisition from Swire Pacific, HUD will become wholly-owned by members of the CK Hutchison Group.
The agreement also includes the acquisition by the CK Hutchison Group of 50 per cent shares in Hongkong Salvage and Towage Company (HKST) from Swire Pacific. HKST was established in the 1930s, from which the salvage and towage business currently integrated under HUD originated.