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Dubai's DP World sells HK port stakes for $742M

[March 07, 2013]  HONG KONG (AP) -- Dubai's government-backed port operator is selling stakes in two Hong Kong container terminals and a logistics business for $742 million.

DP World said Thursday it sold 75 percent of its stakes in CSX World Terminals and the ATL Logistics Center to Australian warehouse operator Goodman Group for $463 million.

The company also sold its stake in Asia Container Terminals for $279 million to Hutchison Port Holdings Trust.

DP World said its net gain will be $151 million because some money will go to repay shareholder loans.

They're the latest overseas asset sales for the world's third-largest seaport operator. In September it sold stakes in port businesses in Belgium and Yemen.

The profit-making company is part of the troubled Dubai World conglomerate, but was excluded from its parent's multibillion-dollar debt restructuring.

[Associated Press]

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