PSA Southeast Asia sells 20% stake in Thai container terminal operator
PSA Southeast Asia has agreed to sell a 20% stake in Eastern Sea Laem Chabang Terminal (ESCO) over two stages to JWD InfoLogistics Public Company Limited (JWD).
Since 2003, PSA Southeast Asia has been shareholder of ESCO, a container terminal and supply chain operator in Thailand. It operates Terminal B3 at Laem Chabang Port (LCB) and Module B at Lat Krabang Inland Container Depot (LICD), offering a wide range of logistics services covering container handling, container storage, warehousing, multi-modal transportation and customs clearance.
In a statement, JWD, an integrated logistics company with a presence in Thailand and Southeast Asia, said it will work with PSA Southeast Asia to develop innovative and sustainable cargo solutions and co-create an Internet of Logistics – a logistics ecosystem of connected and inter-operable nodes underpinned by digitalisation initiatives.
The combination of PSA Southeast Asia and JWD will elevate ESCO’s unique strategic position as a regional holistic supply chain operator, covering multi-dimensional and multi-modal flows of physical (cargo), digital and financial, PSA Southeast Asia said. The transaction is expected to close before the end of the year.
Ong Kim Pong, Regional CEO Southeast Asia, PSA International, said, “PSA is delighted to welcome JWD into the fold as a strategic supply chain partner at ESCO. In a new normal beset by supply chain disruptions, forging close collaborations and partnerships between key supply chain operators has become increasingly important.
“In this regard, we look forward to leveraging the combined strengths of PSA and JWD to enhance ESCO’s overall value proposition and deliver customised solutions to our customers”.