Sale of APL Logistics completed

NOL, the Singapore state-owned shipping company, said KWE has acquired APL Logistics.

KWE completed the acquisition of all the equity shares in APLL from NOL and will begin integrating the two companies. Through the merger with APLL, KWE expects to grow revenues by $4 billion.

Most of the $1.2 billion acquisition price was borrowed from the Bank of Tokyo-Mitsubishi UFJ. The NOL final disposal method and sale price is expected to be announced later.

The current APLL management team is expected to remain after completion.

< Lee Myung Jee mjlee@ksg.co.kr >