INTEGRATED warehousing and logistics solutions provider GKE Corp has proposed to sell its 65 per cent shareholding in loss-making Van Der Horst Logistics for 58.5 million yuan in cash.
Catalist-listed GKE on Wednesday signed a legally binding memorandum of understanding with the buyer, Hung King Holdings, which also holds the remaining 35 per cent stake. Both parties agreed to negotiate in good faith to enter into a definitive agreement within six months from the date of the MOU, failing which the MOU will be null and void.In a bourse filing on Wednesday night, GKE said it wants to sell the shares because the group no longer needs to use VDHL's and VDH Shanghai's warehousing services, and in view that VDHL is loss making.
Source: News Formal (newsformal.com)
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