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Thursday, 31 March 2011

Keppel T&T to sell 35% stake in Wuhu Annto for S$52.6m

By ANGELA TAN


Keppel Telecommunications & Transportation Ltd (Keppel T&T), through its subsidiary, has entered into a conditional agreement to sell its 35 per cent stake in Wuhu Annto Logistics Co Ltd (Annto) to Midea for net proceed of about S$52.6 million.

Keppel T&T said Annto is looking into the expansion of its manufacturing business, which does not fit into its businesses.

Keppel T&T intends to use the proceeds to grow and strengthen its core businesses of integrated port logistics and third-party logistics in target Chinese markets.

The book value of Annto was S$31.9 million on 31 December 2010. It is expected to result in a net gain of about S$20.7 million.

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