Singapore's Keppel to exit Sri Lanka's JKH logistics unit
Nov 01, 2017 07:50 AM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Keppel Telecommunications and Transportation Ltd (KT&T), a Singapore listed company said it will sell a 25 percent stake in Sri Lanka's Transware Logistics, for 152.35 million rupees.
The stock is owned by KT&T unit Keppel Logistics Pte Ltd.
Under the agreement MISC Enterprises Holdings Sdn Bhd, of Malaysia, which also held a 25 percent stake will also sell out to JKH at the same price, KT&T said in a Singapore stock exchange filing,
The transaction is not expected to have a material impact on the earnings per share and net tangible assets of KT&T, the firm said. The share sale agreement could be inspected at its office for the next three months, the firm said.
Trans-ware had been formed between Keppel Logistics, MISC and JKH in 1994 to initially manage an inland container depot in Sri Lanka. Trans-ware had discontinued its container storage and transport operation in November 2006.