Sinotrans Limited agreed to acquire 50% stake in Wuhu Sanshan Port Co., Ltd from Keppel Telecommunications & Transportation Ltd for approximately CNY 170 million.

Sinotrans Limited (SEHK:598) agreed to acquire 50% stake in Wuhu Sanshan Port Co., Ltd from Keppel Telecommunications & Transportation Ltd for approximately CNY 170 million on November 12, 2021. The consideration will be paid as a sum of CNY 34 million will be paid into an escrow account, expected by December 2, 2021; and a sum of approximately CNY 140 million will be paid into the escrow account on completion of the proposed transaction. Following completion of the proposed transaction, which is expected to take place in 4Q 2021, Wuhu Sanshan Port will cease to be an associate of the Keppel Corporation.

The proposed transaction is not expected to have any material impact on the net tangible assets per share or earnings per share of Keppel Corporation for the current financial year.