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MarketScreener Homepage  >  Equities  >  Singapore Stock Exchange  >  Hutchison Port Holdings Trust    NS8U   SG2D00968206

HUTCHISON PORT HOLDINGS TRUST

(NS8U)
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Hutchison Port Trust : Successful Tender For Land Use Right By An Associated Company

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12/27/2019 | 05:46am EDT

SUCCESSFUL TENDER FOR LAND USE RIGHT BY AN ASSOCIATED COMPANY

Unless otherwise defined herein, all capitalised terms in this Announcement shall have the meanings ascribed to them in the announcement dated 16 December 2019 titled "Entry into Land Resumption Agreement Between an Associated Company and Local Land Office" (the "Resumption Announcement").

Further to the Resumption Announcement, Hutchison Port Holdings Management Pte. Limited (the "Trustee- Manager"), as trustee-manager of Hutchison Port Holdings Trust ("HPH Trust"), wishes to announce that Huizhou International Container Terminals Limited (惠州国际集装箱码头有限公司) ("HICT") has made a successful bid for the land use right of the Land, which was offered for sale by the Huizhou Land Bureau through an open tender on the Huizhou Public Resource Trading Center Online Transaction System on 26 December 2019 (the "Acquisition") for a total consideration of RMB951,000,000 (the "Consideration"). An agreement for land use in relation to the Land was entered into on 27 December 2019 (国有建设地使用权 出让合同) (the "Land Use Grant Contract"). The Land is located in Quanwan Port Area, Dayawan with an area of approximately 600,389 square meters and is for terminal use. According to the Land Use Grant Contract, the land use term is 50 years from the date of delivery of the Land, and HICT has the option to renew the lease term one year before the expiry date, subject to the approval of the Huizhou Land Bureau (which shall be granted unless for reasons of public welfare).

The Consideration was arrived at after taking into account the appraisal of the Reclaimed Land by the Local Land Office, the minimum bid price, current market conditions, location of the Land, and land price in the surrounding area with reference to the information available. The Consideration and the relevant taxes will be funded from the compensation amount received under the Land Resumption Agreement and HICT's internal resources.

The Acquisition is not expected to have any material impact on HPH Trust's financial position for the current financial year. The Land Resumption and the Acquisition for the purpose of obtaining the land use right certificate is in the ordinary course of business of HICT.

Save for any interest from their respective unitholdings in HPH Trust, none of the directors of the Trustee- Manager and the controlling unitholders of HPH Trust has an interest, direct or indirect, in the Acquisition. The Trustee-Manager will provide further updates in relation to this matter as and when material development arises, in accordance with the applicable rules of the Listing Manual of Singapore Exchange Securities Trading Limited.

By Order of the Board

Hutchison Port Holdings Management Pte. Limited (Incorporated in the Republic of Singapore with limited liability) (as trustee-manager of Hutchison Port Holdings Trust) (Company Registration No. 201100749W)

Ms Kim Yi Hwa

Company Secretary

27 December 2019

About HPH Trust

HPH Trust is a container port business trust listed in Singapore.

HPH Trust owns interests in world class deep-water container port assets located in two of the world's busiest container port cities by throughput - Hong Kong and Shenzhen, the People's Republic of China ("PRC"). Other assets in the HPH Trust portfolio include the port in Huizhou, PRC, as well as certain port ancillary services and the economic benefits of river ports complementary to the deep-water container ports operated by HPH Trust.

The investment mandate of HPH Trust is principally to invest in, develop, operate and manage deep-water container ports in the Guangdong Province, Hong Kong and Macau, one of the world's largest trading hubs by throughput.

Disclaimer

Hutchison Port Holdings Trust published this content on 27 December 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 December 2019 10:45:03 UTC

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