HPH Trust defuses worries on latest union strike

Currently expects no material adverse impact.

In an update to the Singapore Exchange, Hutchison Port Holdings Trust Management Pte Ltd, the trustee-manager of Singapore-listed Hutchison Port Holdings Trust (HPH Trust) said: "While industrial actions are continuing, the terminal operations are gradually returning to normal. Hutchison Port Holdings Management Pte. Limited, as the trustee-manager of HPH Trust (the Trustee-Manager), continues to work with all parties involved to resolve the industrial actions as soon as possible."

"The Trustee-Manager believes that the current events do not have a material adverse impact on the performance of HPH Trust and will provide updates of a material nature to unitholders of HPH Trust as and when appropriate," it added.

The pronouncement came as over the weekend, HIT, CHT and their legal counsel attended the High Court of Hong Kong and obtained an order to continue the injunction handed out on 1 April 2013 to Hongkong International Terminals Limited (HIT) and COSCO-HIT Terminals Limited, a wholly-owned subsidiary and a 50% joint venture of HPH Trust, respectively.

"Although the order also permits not more than 80 union members to conduct peaceful picketing in a designated staff car park within HIT’s premises, terminal operations are not expected to be affected," said HPH Trust.

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