Keppel Telecommunications and Transportation, or KT&T, a Singapore-based data center and logistics solutions provider, said its subsidiary has entered into an agreement with John Keells Holdings (JKH) and Misc Enterprises Holdings to divest its entire 25% stake in Trans-ware Logistics for 152.36 million Sri Lankan rupees (S$1.35 million).
Trans-ware is a joint venture between KT&T subsidiary Keppel Logistics, MISC and JKH. Initially formed in 1994 to manage an inland container depot in Sri Lanka, Trans-ware has discontinued its container storage and transport operation in November 2006, according to a stock exchange filing.
Keppel Logistics will sell 5.5 million shares of the total issued and paid up capital of Trans-ware to JKH, KT&T said in the filing. Misc Enterprises Holdings will also divest its entire 25% shareholding for the same consideration.
“Upon completion, JKH will own 100% of Trans-ware, and Trans-ware will cease to be an associated company of KT&T,” KT&T said.
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