The Cross-Harbour (Holdings)

The Cross-Harbour (Holdings) Limited (CHHL, Chinese: 港通控股有限公司; Jyutping: gong2 tung1 hung3 gu2 jau5 haan6 gung1 si1) (SEHK: 32), formerly the Cross-Harbour Tunnel Company, is a Hong Kong investment holding company with emphasis on transport infrastructures.

The Cross-Harbour (Holdings)
Formerly
The Cross-Harbour Tunnel Company, Limited
Traded asSEHK: 32
IndustryInvestment
FoundedApril 26, 1965 (1965-04-26) (The Cross-Harbour Tunnel Company, Limited)[1]
HeadquartersRooms 3301-07, China Resources Building, 26 Harbour Road, Wanchai, Hong Kong
Websitewww.crossharbour.com.hk

Founded in 1965, CHHL owned the franchise to build and operate the Cross-Harbour Tunnel up to 1999. Thereafter, CHHL, through an associated company, has provided management services to the Cross Harbour Tunnel under a renewable management, operation and maintenance contract with the Government of Hong Kong. The Cross-Harbour Tunnel Company also managed the Aberdeen Tunnel in the 1990s.

CHHL together with its wholly owned subsidiary hold a 50% stake in Western Harbour Tunnel Company Limited (WHTCL). WHTCL owns the franchise to build and operate the Western Harbour Crossing from 1993 up to 2023.

In 2008, CHHL acquired a 39.5% effective interest in Tate's Cairn Tunnel Company Limited (TCTC). TCTC owns the franchise to build and operate the Tate's Cairn Tunnel from 1988 to 2018.

CHHL has a 70% stake in The Hong Kong School of Motoring (HKSM). HKSM operates three designated driving schools in Hong Kong. CHHL also has a 70% stake in a company which owns half of Autotoll Limited. Autotoll provides electronic toll clearing facilities in Hong Kong covering eleven different toll roads and tunnels.

On 5 June, 2019, an Australian based fund manager, Lanyon Asset Management Pty Limited, made a cash offer to acquire the 50% interest in the WHTCL from CHHL.[2]

On 11 June 2019, Lanyon’s offer was rejected by CHHL.

Lanyon cited this was in the best interest of shareholders.

Subsequently, on 13 August 2019, Lanyon outlined a strategy[2] for CHHL to liquidate their securities portfolio, sell the company yacht and return the surplus cash to CHHL shareholders as a special dividend. Lanyon suggested their initiatives would enable the payment of a special dividend of HK$16.80 per share (or 160% of the current share price).

References
  1. About Cross-Harbour, The Cross-Harbour (Holdings), retrieved 2013-11-25
  2. "About Lanyon". www.lanyonam.com. Retrieved 2019-08-19.
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