SEA Digest: PSA International defers Hutchison Ports stake sale; Meratus said to be in sale talks

PSA International is said to have postponed the sale of a $4-billion minority stake in Hutchison Ports, while Indonesia-based shipping firm Meratus is reportedly in talks with potential investors for a sale of the business.

PSA postpones $4b sale of Hutchison Ports stake

Singapore-based port operator and supply-chain company PSA International has postponed the sale of a $4-billion minority stake in Hutchison Ports, according to Bloomberg News.

The Temasek-owned company shelved the sale citing economic conditions and lower-than-expected valuations. PSA plans to pursue the sale after shipping activity rebounds.

The company has been seeking about $4 billion for its 20% share of CK Hutchison’s ports assets, reported Bloomberg News.

Although CK Hutchison’s ports unit is amongst the world’s largest port operators, its Hong Kong division has suffered due to competition from Chinese mainland ports in the last few years, reported Reuters.

PSA International is a port operator and supply-chain company with flagship operations in Singapore and Antwerp. Its global network is spread across 160 locations in 42 countries around the world.

Meratus seeks $2b valuation

Indonesia-based shipping firm Meratus is in talks with potential investors for a sale of the business, reported Bloomberg News.

The company is seeking a valuation of about $2 billion and is receiving interest from investment funds and other companies in the industry.

Founded in 1957, Meratus is an Indonesian logistics and shipping integrator with more than 90 vessels, operating across 40 routes in Southeast Asia.

The company also owns and operates multipurpose vessels capable of carrying project and construction cargo that require bigger lifting capacity as well as a long unobstructed cargo hold.

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