Eng Kong boosts stake in China firm

SINGAPORE-BASED integrated logistics operator Eng Kong Holdings yesterday increased its stake in a logistics group in China and also announced a new CEO, as it seeks to expand in the region.

Eng Kong announced yesterday that it has increased its stake in Tianjin Keyun International Logistics Group (Keyun) after it acquired a further 50 per cent of Gold Prime Holdings Limited (GPHL), the holding company of Keyun. It first acquired a 30 per cent in GPHL in 2008.

As part of the transaction, Keyun's business has been segregated into two segments: the depot business in which Eng Kong now holds an 80 per cent stake and the non-depot business in which it holds a 15 per cent stake.