HUTCHISON PORT HOLDINGS LIMITED 和記港口集團有限公司
CRE: more needed on the port flip
CRE (0291) has issued a bland denial that its parent owes it anything under the profit-share for the on-sale of its stake in Hutchison's ports. The calculation under that agreement in itself amounts to a connected transaction. We call for full disclosure of the apportionment of proceeds received by CRH, backed up by independent valuation of the other assets CRH bundled in. Without better information, we conservatively estimate a gain of $1,927m. The interests of CRE independent shareholders have not yet been protected. (28-Jan-2011)
CRE (0291) has issued a bland denial that its parent owes it anything under the profit-share for the on-sale of its stake in Hutchison's ports. The calculation under that agreement in itself amounts to a connected transaction. We call for full disclosure of the apportionment of proceeds received by CRH, backed up by independent valuation of the other assets CRH bundled in. Without better information, we conservatively estimate a gain of $1,927m. The interests of CRE independent shareholders have not yet been protected. (28-Jan-2011)
HPH Trust is no loss to HK
Singapore has invested over US$5bn in Hutchison's ports, so it is not surprising that HPH is listing there. We look at the other incentives, and the governance concerns for the Business Trust structure. We also ask why China Resources Enterprise (291) has not disclosed the outcome of its profit-sharing after CRH flipped its port stakes to HPH. (21-Jan-2011)
Singapore has invested over US$5bn in Hutchison's ports, so it is not surprising that HPH is listing there. We look at the other incentives, and the governance concerns for the Business Trust structure. We also ask why China Resources Enterprise (291) has not disclosed the outcome of its profit-sharing after CRH flipped its port stakes to HPH. (21-Jan-2011)
Sign up for our free newsletter
Recommend Webb-site to a friend
Copyright & disclaimer, Privacy policy