SINGAPORE (Feb 5): Keppel Telecommunications & Transportation’s (Keppel T&T) is increasing its stake in subsidiary, Urban Fox, from 59.6% to 85.0%.

This comes after wholly-owned subsidiary Keppel Logistics acquired about 143,664 shares in Courex for a consideration of $7.5 million.

UrbanFox was founded in 2009 as Courex, a B2C last-mile fulfilment startup. Following the acquisition of Courex by Keppel Logistics, UrbanFox was unveiled on Oct 24, 2017 with additional omni-channel logistics and channel management capabilities serving both B2B and B2C customers.

The remaining 15% in UrbanFox will continue to be held by managing director, Joe Choa Soon Heng.

The book value for the increased shareholding of UrbanFox was negative $0.8 million while net tangible liabilities were $1.0 million based on the unaudited accounts of Courex as at Dec 31 2017.

In addition, Keppel Logistics has extended a convertible loan of up to $9.75 million to Courex for the purpose of working capital.

“We will be looking to adapt the technology enhancements that we are rolling out to the Singapore market for the dynamic logistics landscapes in Southeast Asia,” says Choa.

Shares in Keppel T&T closed at $1.58 on Monday.