SEMBCORP LOGISTICS FORMS TAIWANESE VENTURE

SEMBCORP LOGISTICS FORMS TAIWANESE VENTURE

   SembCorp Logistics (SembLog) on Wednesday entered into an agreement with Pacific Resources Technology Corp. to set up a joint venture in Taiwan that will provide supply chain management services.

   The venture, to be called SembCorp Logistics (Taiwan), will be 51-percent owned by SembLog. Initial paid-up capital in the venture is S$196 million ($1.1 million).

   SembLog Taiwan will take over the logistics business of Pacific Resources Technology, whose network and operations span Taipei, Kaohsiung and Taichung. The takeover is expected to take place by September.

   SembLog said that it intends to explore expansion in Korea, the Philippines and Vietnam, and will seek acquisitions in China to strengthen its logistics network in that country.