Swire Pacific has sold its 50% stake in Hongkong United Dockyards (HUD) to fellow shareholder CK Hutchison in a further downsizing of its exposure to the marine sector.
The agreement also includes the acquisition by the CK Hutchison Group of Swire Pacific’s 50% stake in The Hongkong Salvage & Towage Company Limited (HKST).
Financial terms of the deal were not disclosed.
