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SINGAPORE: Mainboard listed Keppel Telecommunications & Transportation said its unit, Indo-Trans Keppel Logistic Vietnam or ITL Keppel, has formed a joint venture with Vietnamese trading firm Tanimex group.
Named ITL Keppel Tanimex Logistics, the joint venture will provide warehousing and handling services at Tan Binh Logistics Park in Ho Chi Minh City, Vietnam.
It will be 80 per cent owned by ITL Keppel and 20 per cent owned by Tanimex.
Its registered capital of US$3 million will be contributed by the parties in cash, according to their shareholdings.
As a result, Keppel T & T has an indirect interest of 32 per cent in the joint venture.
Keppel T & T said the joint venture will lease 15,000 square meters of warehousing space and 20 per cent of the space has been pre-committed to customers.
It also said the joint venture is conditional upon the approval from relevant authorities.
It added that the agreement is not expected to have material impact on its net tangible assets or earnings per share for the current financial year.
Meanwhile, it tripled its logistic footprint in Vietnam with the opening two distribution centres today.
Together with the Tan Binh Logistic Park, its managed warehousing capacity increased to 31,500 square meters.
It said another new distribution centre located within the Hanoi City will be ready in the third quarter this year. - CNA/vm
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