Thursday, March 29, 2012

Keppel T&T signs joint venture agreement for Jilin Food Zone

SINGAPORE: A unit of Keppel T&T has signed a joint venture agreement with the Jilin City Government to develop and operate a logistics park in the Sino-Singapore Jilin Food Zone in China, a news release said.

The Sino-Singapore Jilin Food Zone International Logistics Park, which spans 40 hectares, is set to be developed in phases with the total development cost of the first phase estimated at 598 million yuan (S$119.8 million).

Keppel T&T said the first phase of the Logistics Park will occupy around 44,000 square metres and will be designed with warehouse space fitted cold room facilities, a modern cross-docking hub and a centralised transportation hub.

There will also be spaces for offices and more than 1,000 units of wholesale shops in the area. Operations are expected to commence in 2014.

"As the sole food logistics park operator within the Food Zone, the joint venture company will provide a consolidated platform for the trading, storage and distribution of food products," the news release said.

The logistics park will include facilities for wholesale food marketplace, temperature-controlled warehouses, offices and a transportation hub to support the trading and logistical needs of those in the Food Zone, such as producers of agricultural food stuff.

"The Sino-Singapore Jilin Food Zone Logistics Park is a key component of our strategy in strengthening Keppel T&T's foothold and presence in the northern regions of China," said Keppel T&T CEO Mr Pang Hee Hon.

The joint venture which has a registered capital of 200 million yuan (S$40 million) is named as Jilin Sino-Singapore Food Zone International Logistics.

Keppel T&T subsidiary Keppel Jilin Food Logistics Park will hold 70 per cent stake in the joint venture, while the other 30 per cent will be held by Jilin Sino-Singapore Food Zone Development.

Sino-Singapore Jilin Food Zone, the Sino-Singapore Jilin Food Zone International Logistics Park will occupy 114 hectares when fully developed, the news release said.

View the original article here

Source From Channel News Asia

No comments:

Post a Comment