25
October
2004
|
06:00
Europe/Amsterdam

Sale of stake in SembCorp Logistics

Following the termination of the commercial agreement between Kuehne + Nagel International AG and SembCorp Logistics, Ltd. (SembLog), Kuehne + Nagel announces today the sale of its stake in SembCorp Logistics.

The 42,539,876 shares (around 5 per cent of SembLog’s share capital) with a nominal value of SGD 0.25 per share were sold to J.P. Morgan (S.E.A.) Ltd. Singapore for subsequent placement with international institutional investors. The total purchase price amounts to SGD 94.6 million.

This step completes the unwinding of the cross shareholding agreement between SembLog and Kuehne + Nagel.