Hutchison Port Holdings Trust has sold a 60 per cent share in its Hong Kong terminal company Asia Container Terminals Holdings, according to Bloomberg.
The HK$2.47bn (US$318m) deal will see Cosco Pacific claim a 40 per cent holding in Asia Container Terminals, while a further 20 per cent of the company has been sold to Hong Kong-based firm China Shipping Terminal Development.
Hutchison Port had bought the terminal operator for HK$3.2bn last year to expand its operations in Hong Kong. Last May, workers at another Hong Kong terminal owned by Hutchison Port launched lengthy strike action as part of a wage dispute, which saw a number of vessels diverted to China.
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