HPHT, one of my Yield Picks, announced yesterday that it had reduced its stake in Asia Container Terminal Holdings (ACTH) from 100% to 40%.

ACTH was acquired in March 2013 by HPHT.  The 60% stake in ACTH was purchased by Cosco Ports (ACT) Holdings 40% and China Shipping Terminal Development (Hong Kong) Company Limited 20% for an aggregate consideration of HK$2.47bn.  HPHT will make a capital gain of HK$125mn from the sale.

The reduction is stake is not significant under Chapter 10 of the Listing Manual with the assets accounting for 1.8% of HPHT's NAV, 0.2% of HPHT's net profit in FY2013 and 5.7% of HPHT's market capitalisation.

Some factors cited in the ...