Ports operator DP World Limited is selling its stakes in two container terminals and a logistics centre in Hong Kong for $742 million as part of a rejig of assets in favour of fast-growing emerging markets, Reuters reported.

It is the biggest asset sale by the world’s third-largest port operator since it offloaded most of its Australian business more than two years ago.

DP World, one of the more profitable units of debt-laden Dubai World, has been selling assets globally, exiting markets where it does not have a significant presence and seeking to redeploy funds in fast-growing markets.

“We believe Hong Kong will continue to be a very interesting market. However, our presence was small relative to the market,” Sultan Ahmed bin Sulayem, chairman of DP World said in a statement to the Nasdaq Dubai bourse.

As part of the deal, DP World will sell 75 per cent of its stakes in container terminals CSX World Terminals Hong Kong Limited, which operates berth 3 of the Kwai Chung Container Terminal, and ATL Logistics Centre Hong Kong Limited (ATL) to a unit of Australian warehouse operator Goodman Group for $463 million in cash.

The firm, which operates more than 60 terminals across six continents, is also selling its 55.2 per cent stake in Asia Container Terminal Ltd, which operates Asia Container Terminal 8 West (CT8), to Hutchison Port Holdings Trust, a unit of conglomerate Hutchison Whampoa Ltd for $279 million.

The disposals are expected to result in a net gain of $151 million for DP World and help boost its capital levels, the port operator said. It will continue to manage port operations in Hong Kong and expects regulatory approval for the deal by the first half of 2013. The disposed assets contributed to $39 million of its gross profit in 2012, the company said.

DP World reported a 21 per cent rise in 2012 profit, boosted by monetisation of non-core assets and growth in emerging market operations.

The world’s third-largest port operator reported a profit of $555 million in 2012, compared with $459 million in 2011, it said in a statement on Nasdaq Dubai bourse. Revenue for the year rose 5 percent to $3.12 billion from $2.98 billion in the prior year, the company said.

The port operator, one of the most profitable units of debt-laden Dubai World, has been selling assets globally, exiting markets where it does not have a significant presence and seeking to redeploy funds in fast-growing markets.

MOGADISHU SERVICE
In other DP World-related news, DP World welcomed shipping line Simatech’s new service between Jebel Ali Port and Mogadishu as a significant step in reestablishing trade links between Somalia and the rest of the world.

Container trade to Mogadishu was suspended some years ago due to the political situation in Somalia and the risk of piracy.