The sale of the Cardiff Bay Partnership and the office developments brings the total proceeds from disposals of non-core assets sine 1 January 2000 to £296m and is a continuation of ABP's strategy of disposing of such assets in order to focus on operating ports and value-added businesses within those ports. ABP will also extend by a further £30m the £100m share repurchase programme announced immediately after the Dibden Terminal decision.

The latest move within ABP Connect, the value-added services division, has been the launch of ABP Connect Cargoflow, a sub-brand created to establish a distinct identity for the division's cargo handling and stevedoring activities at the ABP Ports of Southampton and Immingham.

The newly branded unit comprises ABP Connect Cargoflow Immingham, the four berth ro-ro and lo-lo terminal formerly known as Exxtor Terminal, and ABP Connect Cargoflow Southampton, formerly AMPORTS UK.

Only Auto Shipping and ABP Connect's cruise-handling operation at ABP Southampton will continue to use the AMPORTS UK name.

ABP Connect is currently involved with a £6m expansion programme to increase container handling capacity at ABP Connect Cargoflow Immingham.

An extra 4.85 hectares of container storage space has already been added and the second phase will see an 'Autostore' container location system installed next month.

The programme will conclude with the delivery of a new 40 tonne gantry crane next year.

MJ Information No: 19505