HONG KONG (July 11): Former Hong Kong Chief Executive Tung Chee-hwa and his family will be about US$1 billion ($1.4 billion) richer with the sale of their container shipping line to Cosco Shipping Holdings Co.

Tung’s personal net worth will increase by about US$400 million to US$2.9 billion, according to the Bloomberg Billionaires Index, based on the US$6.3 billion Cosco offered for his family’s Orient Overseas International Ltd. Tung, 80, who was chairman of the business before becoming Hong Kong’s first leader during the British handover of sovereignty in 1997, owns 30% of the company.

His younger brother Tung Chee Chen, Orient’s chairman and chief executive officer, holds a 39% stake and will boost his wealth by US$600 million to about US$3.8 billion when the deal is completed. The state-owned shipping giant agreed to pay HK$78.67 for each Orient share, a 31% premium over Friday’s closing price. The deal still requires approval from regulators and Cosco investors.

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