KNI divests SembLog stake

Freight forwarder Kuehne & Nagel sells out of Singapore-listed Sembcorp Logistics.

The unwinding of a cross shareholder agreement between Kuehne Nagel International KNI and Sembcorp Logistics resulted in the sale of a 5% stake in the latter yesterday Monday. The deal follows an agreement to terminate a four-year arrangement originally designed to capitalise on a global outsourcing trend that never quite materialised as planned.

Two weeks ago, KNI announced that it would pay SembLog S$1.3 billion in cash for the 20% stake held in it. SembLog has said that it will return the cash to shareholders in the form of an S$750 million special dividend. The remaining S$250 million will be used for capital reduction.

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