Keppel to be compensated for Chinese port closure
The local government agrees to compensate Keppel’s now divested Foshan unit for closing Lanshi port to make way for redevelopment. Under an earlier deal struck to sell Foshan assets to a Sinotrans unit, Keppel is entitled to 70% of the proceeds from liquidating the Foshan unit
Keppel expects to yield a gain of more than $28m from the agreed compensation