Keppel T&T to fully divest its 50% stake in Wuhu Sanshan Port for 170m yuan

KEPPEL Telecommunications & Transportation (Keppel T&T) is fully divesting its 50 per cent stake in Wuhu Sanshan Port for 170 million yuan (S$36 million) to Chinese logistics company Sinotrans.

Of the total consideration, 34 million yuan is expected to be paid by Dec 2, while the remainder will be paid upon completion of the deal, Keppel disclosed in a Friday (Nov 12) bourse filing.

The sale shares had an unaudited net asset value of 97 million yuan as at end-July. The divestment is expected to be completed in Q4, following which Wuhu Sanshan Port will no longer be a Keppel associate. This is not expected to have any material financial impact for the current financial year.

Shares of Keppel closed at S$5.29 on Friday, up 0.19 per cent.