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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka’s John Keells to dispose its freight unit to France’s Norbert Dentressangle

Sri Lanka’s John Keells to dispose its freight unit to France’s Norbert Dentressangle

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
July 04, 2012 (LBO) – Sri Lanka’s John Keells Holdings PLC has inked a deal to sell its freight forward unit in Colombo and India to France-based Norbert Dentressangle SA, both firms said in a statement.

“The acquisition will enable Norbert Dentressangle to strengthen its growing freight forwarding business, in line with its strategy,” Colombo-based John Keells said in a brief statement on Wednesday. The transaction is due to be finalised by end-August.
Conglomerate John Keells, which also has investments ranging from leisure, financial services and ports, did not disclose the sale price.

Norbert Dentressangle said the freight forward operation to be acquired, has 120 people on its payroll and reported revenues of nearly 10 million dollars in 2011. The company has a network of six-offices in India, covering the main coastal regions, plus another two in Sri Lanka.
“After the acquisition of APC Beijing International in China at the end of 2011, the acquisition of a reliable, recognised major Indian and Sri Lankan freight forwarding player means the Asian continent is now well served by the Group’s operations,” Norbert Dentressangle said.

Norbert Dentressangle’s freight forwarding business now has a network of 50 offices and 600 employees operating in 12 countries on three-continents.
http://lbo.lk/fullstory.php?nid=47634557

aj


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
So JKH would sell what they own and show profits.

wallstreetguy


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
no i think LBO got it wrong, in daily FT its says as Joint Venture. selling their logistics arm is not a wise decison

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
@wallstreetguy wrote:no i think LBO got it wrong, in daily FT its says as Joint Venture. selling their logistics arm is not a wise decison

According to www.nation.lk

French firm to acquire JKH freight operations
Written by The Nation Thursday, 05 July 2012 11:18 font size Print 0 Comments
Rate this item 1 2 3 4 5 (0 votes)
John Keells Holdings PLC and Norbert Dentressangle SA, an international Transport, Logistics and Freight Forwarding company, listed on the Paris stock exchange announced today that Norbert Dentressangle has signed a Share Purchase Agreement on 4 July 2012 to acquire the John Keells freight forwarding operations in Sri Lanka and India. The transaction is due to be finalized at the end of August 2012. The acquisition will enable Norbert Dentressangle to strengthen its growing freight forwarding business, in line with its strategy.
Norbert Dentressangle operates in 23 countries and employes around 33,000 people.

sriranga

sriranga
Co-Admin
@Redbulls wrote:
@wallstreetguy wrote:no i think LBO got it wrong, in daily FT its says as Joint Venture. selling their logistics arm is not a wise decison

According to www.nation.lk

French firm to acquire JKH freight operations
Written by The Nation Thursday, 05 July 2012 11:18 font size Print 0 Comments
Rate this item 1 2 3 4 5 (0 votes)
John Keells Holdings PLC and Norbert Dentressangle SA, an international Transport, Logistics and Freight Forwarding company, listed on the Paris stock exchange announced today that Norbert Dentressangle has signed a Share Purchase Agreement on 4 July 2012 to acquire the John Keells freight forwarding operations in Sri Lanka and India. The transaction is due to be finalized at the end of August 2012. The acquisition will enable Norbert Dentressangle to strengthen its growing freight forwarding business, in line with its strategy.
Norbert Dentressangle operates in 23 countries and employes around 33,000 people.

Please see the following link.
http://www.norbert-dentressangle.com/var/norbert-dentressangle/storage/original/application/39a86194d3482aa3429ea4c9273c6b9b.pdf

Sri Lanka’s John Keells to dispose its freight unit to France’s Norbert Dentressangle Jkh14

http://sharemarket-srilanka.blogspot.co.uk/

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