Hong Kong conglomerate Hutchison Whampoa (和記黃埔), controlled by the city’s richest man ,Li Ka-shing (李嘉誠), said yesterday that it would list its southern China port assets in Singapore.
The firm did not reveal how much it plans to raise, but Dow Jones newswires cited unnamed sources as saying the initial public offering could raise between US$3 billion and US$6 billion, making it Singapore’s biggest-ever IPO.
The listing of Hutchison Port Holdings Trust (和記港口控股信托) late next month or early March would surpass the US$2.9 billion share sale of Global Logistic Properties in the city-state last year and be one of Asia’s largest this year.
The new listing would include Hutchison’s port assets in Hong Kong, Guangdong Province in China and Macau, the company said in a statement yesterday.
Li’s conglomerate would “remain a significant unit-holder of [the trust] following the completion of the IPO,” it added.
“There is significant potential for economic and trade growth in the southern China region, which is already the largest trading hub in the world,” the company said.
“[The new listing] will enable the group to take full advantage of such opportunities by creating a new funding platform to attract new investors,” it said.
Money raised by the IPO would also help Hutchison expand its existing ports business, which spans about 25 countries around the world, it said.
Hutchison, which also has an array of businesses outside ports including telecoms and property holdings, is listed on the Hong Kong stock exchange. It shares were down almost 1.7 percent in early trading at HK$94.5 ($12.10).
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