Press release -
Keppel T&T grows warehousing capacity in Singapore through acquisition
Keppel Logistics Pte Ltd (Keppel Logistics), a wholly-owned subsidiary of Keppel Telecommunications & Transportation Ltd (Keppel T&T), has completed the acquisition of the other 50%-stake in Transware Distribution Services Pte Ltd (TDS) from MISC Integrated Logistics Sdn Bhd (MILS) for S$17.85 million.
Adjacent to Keppel Logistics' operational headquarters at Gul Circle, TDS was a 50-50 joint venture between Keppel Logistics and MILS. Sitting on 7 ha of land, TDS will add about 0.4 million sf of operational warehousing space to Keppel Logistics' current warehousing capacity of 1.1 million sf.
Mr Gui Eng Hwee, CEO of Keppel Logistics, said "Keppel Logistics is continually seeking to serve our customers better. The addition of TDS, which is just next to our main facility in Gul Circle, will allow us to further synergise our operations and reap efficiencies. It will, in addition, allow us to explore ways in which we can optimise the land utilization and existing facilities."
Established in 1990, TDS provides air, ocean, ground transportation and customs brokerage services with dedicated warehousing and distribution centres.
The purchase consideration was paid in cash and was arrived at on a willing buyer willing seller basis, taking into account the net tangible assets of TDS. The net tangible assets of TDS as at 31 July 2011 is S$20.6 million. With this acquisition, TDS shall be a wholly-owned subsidiary of Keppel T&T.
The abovementioned acquisition is not expected to have material impact on the net tangible assets or earnings per share of Keppel T&T for the current financial year.
For further information, please contact
Media Relations:
Ang Lai Lee (Mr)
Senior Manager
Group Corporate Communications
Keppel Corporation Limited
Tel: 6413 6427 / 8233 9299
Email: lailee.ang@kepcorp.com
Investor Relations:
Chua Ying Ying (Ms)
Assistant General Manager
Group Corporate Communications
Keppel Corporation Limited
Tel: 6413 6295
Email: yingying.chua@kepcorp.com
Topics
- Economy, Finance
About Keppel Telecommunications & Transportation Ltd
Headquartered in Singapore, Keppel Telecommunications & Transportation Ltd (Keppel T&T) offers integrated services and solutions in two core businesses: logistics and data centre. Keppel T&T is listed on the Singapore Exchange Securities Trading Ltd.
Keppel Logistics Pte Ltd, a wholly-owned subsidiary of Keppel T&T, is a leading Third Party Logistics provider with over 40 years of experience in offering customised integrated logistics solutions. It currently operates world-class logistics facilities with state-of-the-art IT infrastructure in Singapore, China, Hong Kong, Malaysia and Vietnam.
