Hutchison Port Holdings buys 30.3% stake in Egyptian ports operator

Hutchison Port Holdings (HPH) has bought a 30.3 percent stake in Egypt’s Alexandria International Container Terminals (AICT) from a fund co-founded by HSBC, the seller announced in a statement Monday.

Hutchison Port Holdings is a private holding company incorporated in British Virgin Islands, it is a subsidiary of CK Hutchison Holdings formerly Hutchison Whampoa

The $300 million Middle East North Africa Infrastructure Fund is managed by MENA Infrastructure, a fund manager owned by HSBC, Abu Dhabi’s Waha Capital and Dubai’s Fajr Capital, Reuters reported.

The fund sold the stake in AICT, which owns and operates two container terminals in Egypt, for an undisclosed amount, MENA Infrastructure said in an emailed statement.

The Egyptian deal was the fund’s first exit.

HPH is the ports services division of CK Hutchison Holdings, which is owned by Asia’s richest man Li Ka-shing.

The fund also said it had sold a 38.1 per cent stake in Oman’s United Power Company, which operates a 270 megawatt natural gas-fired power plant near Nizwa, to Saudi Arabia’s Khaled Juffali Energy and Utilities.

The plant sells power to Oman Power & Water Procurement Company, it said.

The fund did not disclose the value of either deal.