[13 December 2005 – Hong Kong] – Hutchison Port Holdings (HPH) is pleased to announce that it has signed a conditional agreement with Grupo Mestre of Spain to acquire a majority stake in Terminal Catalunya S.A. (TERCAT), a container terminal in the Port of Barcelona, Spain.
Commenting on the investment, John Meredith, Group Managing Director of HPH, said, “We are pleased to team up with Grupo Mestre to jointly develop TERCAT in the Port of Barcelona, a major entry point to the Iberian peninsula that is experiencing steady trade growth.” He further added, “TERCAT has an established history in the Port and we are positive the partnership will further expand TERCAT’s capabilities in capturing the trade activities in the region.”
Jose Mestre, Director of Grupo Mestre, commented, “We are encouraged by HPH’s decision to invest in TERCAT as a majority shareholder. This new partnership will bring together our local market knowledge and HPH’s global experience in port operations, and we believe that this agreement is an important milestone for the future development of TERCAT and the Port of Barcelona.”
The Port of Barcelona is located on the northeast of Spain, where 40% of the country’s domestic container trade is handled.