Singapore: Neptune Orient Lines, through subsidiary APL Logistics, has bought out its partners’ stakes in Chinese supply chain jc APLL-Zhiqin Group. NOL is paying Legend Holdings and Beijing Willway Information Technology US$5.8m to aquire all the remaining 51% shareholding that APL Logistics does not currently own.
Based on the unaudited consolidated accounts of APLL-Zhiqin Group, the net asset value of APLL-Zhiqin Group as at the end of the second quarter of 2012 was approximately US$10.7m.
APL Logistics is looking to beef up its China offerings and changes in the law in the PRC allow foreign logistics firms to control supply chain firms outright whereas in the past they could only be minority shareholders. [25/09/12]