CK Hutchison buys 50pc stake in Hongkong United DockyardsFinance | 6 Aug 2021 6:22 pm
CK Hutchison (0001) announced that the CK Hutchison group has agreed to acquire 50 percent interest in Hongkong United Dockyards and 50 percent interest in the Hongkong Salvage & Towage Company from Swire Pacific (0019, 0087).
Hongkong United Dockyards and its subsidiaries focus on marine engineering, harbor salvage and towage, and related services, as well as mechanical and electrical engineering services. HUD integrates the dockyard expertise and traditions of its two founding shareholders and provides multi-disciplinary marine services and engineering solutions in Asia.
Following the acquisition of 50 percent interest from Swire Pacific, HUD will become wholly owned by members of the CK Hutchison.
Hongkong Salvage & Towage Company was established in the 1930s, from which the salvage and towage business currently integrated under HUD originated.