SINGAPORE, July 15 (Bernama) -- Keppel Logistics (Foshan) Ltd (KLF), a subsidiary of Keppel Telecommunications & Transportation Ltd (Keppel T&T), has acquired a 60 per cent-stake in Foshan Sanshui Port Development Co., Ltd (Sanshui Port), in China's Foshan City, for about RMB 166 million (about US$27 million).
With the other 40 per cent held by the Sanshui local government, Guangdong Province, this project will be KLF's second integrated port logistics facility in Foshan City, it said in a statement.
Located strategically along the Xijiang River, which is the western tributary of the Pearl River, Sanshui Port will complement KLF's existing Lanshi Port, which is also located in Foshan City.
Sanshui Port's geographical location and its proximity to railway cargo hubs and major highways allow it to effectively serve the rest of Guangdong, as well as the nearby trading hubs in Hong Kong, Shenzhen and Nansha. The 22.7-ha port has a 160m long multi-purpose berth and over 5,000 sm of warehousing space.
This will increase KLF's total warehousing capacity to 81,000 sm. In operation since the year 2000, Sanshu Sanshui Port has an annual handling capacity of approximately 300,000TEU.
Pang Hee Hon, CEO of Keppel T&T said, "Sanshui Port will expand our presence in Southern China, where we have successfully operated for the past 19 years.
"It will also enable us to meet untapped demand in the fast growing province and synergise our existing operations," he said. The contract signing ceremony was witnessed by Zhong Feijian, Executive Vice Mayor of Sanshui District and Pang, and other senior government officials from the district government.
The agreement was signed between Vincent Ko, CEO (China Business Unit) of Keppel T&T and Chairman of KLF and Li Weimao, Chairman of Guangdong Sanshui Development Investment Holding Co., Ltd. -- BERNAMA
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