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Keppel Logistics (Foshan) to receive $89.5 mil for Lanshi port closure

Felicia Tan
Felicia Tan3/1/2021 07:36 AM GMT+08  • 1 min read
Keppel Logistics (Foshan) to receive $89.5 mil for Lanshi port closure
Keppel Corp is expected to gain some RMB183.5 million ($37.5 million) from the compensation of the port closure.
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Keppel Logistics (Foshan) or KLF, which was entirely divested by Keppel Corporation on Sept 27, 2019, has entered into an agreement with the local government, where the latter will pay KLF up to RMB438 million ($89.5 million) for the closure of Lanshi port on March 1.

After KLF has received the compensation, Sinoway Shipping, which acquired KLF from Keppel Corp, will work towards liquidating KLF.

Following the liquidation, Keppel Telecommunications & Transporation (Keppel T&T) will be entitled to 70% of the proceeds of the liquidated assets of KLF.

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