Hong Kong-based conglomerate CK Hutchison Group has entered into a binding agreement with holding company Swire Pacific Limited to acquire 50% interest in Hongkong United Dockyards Limited (HUD) from Swire Pacific.
HUD was established in 1972 by the merger of Hongkong & Whampoa Dock Company Limited and Taikoo Dockyard & Engineering Company.
HUD and its subsidiaries focus on the business of marine engineering, harbour salvage and towage and related services, as well as mechanical and electrical engineering services.
Following the acquisition, HUD will become wholly owned by members of the CK Hutchison Group.
What is more, the agreement includes the acquisition by the CK Hutchison Group of 50% shares in The Hongkong Salvage & Towage Company Limited (HKST) from Swire Pacific.
HKST was established in the 1930s, from which the salvage and towage business currently integrated under HUD originated.