The international portion of Kerry Logistics Network’s HK$2.2 billion initial public offering was three times oversubscribed, the South China Morning Post reported Monday, citing market sources. Two sovereign funds in Southeast Asia, including Singapore’s GIC, were among the investors, it said. The share issue came at a time when Kerry Logistics is poised to benefit from the creation of the Shanghai free-trade zone, group chairman George Yeo was quoted as saying. Kerry Logistics owns a warehouse in the zone and has registered five subsidiaries there to take advantage of the lower tax rate and simplified restrictions on cargo flow, according to the report.
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