NOL unit acquires remaining 51% stake of China logistics company

APL Logistics is acquiring the 51% stake it does not own in Chinese logistics group APLL – Zhiqin, Seatrade Asia online reports. Parent of APL Logistics, Neptune Orient Lines (NOL), said it was buying the 51% stake in APLL – Zhiqin for $5.8m from Legend Holdings and Beijing Wilway Information Technology making it a wholly owned subsidiary.

The APLL – Zhiqin Group has a net asset value of $10.7m at the end of the second quarter of the year. The transaction is expected to close early next year and will be funded from internal resources.