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HONG KONG - Hutchison Whampoa, a Hong Kong-listed ports-to-telecom conglomerate controlled by billionaire Li Ka-shing, said Tuesday it planned to spin off the port operations in southern 皇冠体育app and list it at Singapore stock market.
HPH Management, a subsidiary of Hutchison Whampoa, has made an application with Singapore stock market to list on the main board and to be issued under the global offering, Hutchison Whampoa said in a statement filed to the Hong Kong stock exchange.
Hutchison Whampoa operates and invests in five core businesses -- ports and related services, property and hotels, retail, energy and infrastructure, and telecommunications.
Hutchison Whampoa currently indirectly owns 80 percent of interest in HPH, which is the world's leading port investor, developer and operator with interests in a total of 308 berths in 51 ports, spanning 25 countries.
According to the statement, Hutchison Whampoa would establish HPH Trust as a business trust in Singapore, and HPH Management would be the trustee-manager.
The investment mandate of HPH Trust is principally to invest in, develop, operate and manage deep-water container ports in southern 皇冠体育app's Guangdong province, Hong Kong and Macao, it said.
The HPH Trust initial business portfolio consists of several interests owned by Hutchison Whampoa -- COSCO-HIT, the owner and operator of a container terminal in Hong Kong, YICT, SYWPT and YICTP3, operators of Yantian container terminals in Shenzhen, and operators of some river ports in Guangdong.