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Issue #586 | Latin America Trade | Canada Ports

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K1 Ventures sells stake in US transport leasing business to Wells Fargo

By: | at 12:29 AM | Channel(s): Intermodal  

K1 Ventures Ltd said on Friday that it had agreed to sell its majority stake in a transport leasing business to Wells Fargo & Co for $152 million.

K1, which is partly owned by Keppel Corp Ltd, and its subsidiary Focus Up Holdings expects to complete the sale of their 80.1 percent stake in Long Haul Holding Corp (Helm) by the end of the second quarter. They had bought the stake in 2005.

Helm is one of the largest independent locomotive and railcar leasing companies in North America.

The transaction is not expected to have any material impact on the group’s earnings per share for the year ending June 30, k1 said.

Trading in k1 Ventures shares, which was halted prior to the announcement, closed at S$0.181 on Thursday.