Eng Kong boosts stake in China firm
Integrated logistics operator also names new chief exec
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
KFC parent Yum reports surprise drop in global same-store sales on weak demand
Pfizer lifts 2024 profit view on cost cuts, higher Covid vaccine demand
Shell exits China power market businesses
DuPont beats profit estimates, raises full-year forecasts
Binance founder Zhao Changpeng gets four months in prison
Apple set for big sales decline as investors await AI in iPhones