Slaughter and May is advising Swire Pacific on its agreement to sell its 50% interest in Hongkong United Dockyards Limited and The Hongkong Salvage & Towage Company Limited

Slaughter and May, Hong Kong, is advising Swire Pacific on its agreement to sell its 50% interest in Hongkong United Dockyards Limited (HUD) and The Hongkong Salvage & Towage Company Limited (HKST) to the CK Hutchison Group.

HUD, a joint venture between Swire Pacific and the CK Hutchison Group, provides engineering, harbour towage and salvage services from its facilities on Tsing Yi Island in Hong Kong. HUD was established in 1972 by the merger of Hongkong & Whampoa Dock Company Limited and Taikoo Dockyard & Engineering Company.

HKST was established in the 1930’s, from which the salvage and towage business currently integrated under HUD originated.

Swire Pacific is an investment holding company incorporated in Hong Kong with limited liability and is listed on the Hong Kong Stock Exchange. Its subsidiaries, associates and joint ventures are engaged in property, aviation, beverages, marine services and trading and industrial businesses.

CK Hutchison is a conglomerate listed on the Hong Kong Stock Exchange and has four core businesses - ports and related services, retail, infrastructure and telecommunications.