PSA said the transaction to sell up to a 20 per cent effective stake in ESCO, a terminal operator in Laem Chabang port, would take place over two phases, according to UK's Seatrade Maritime News.
Thai-listed JWD InfoLogistics said it was paying THB495m (US$15.1 million) for a 36 per cent stake in investment company Smilesun, which owns 99.9 per cent of the voting shares in Thai Port Ventures, which in turn owns 51 per cent of ESCO.
ESCO operates Terminal B3 at Laem Chabang Port (LCB) in Thailand's largest container port and Module B at Lat Krabang Inland Container Depot (LICD).
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'.
JWD said in a Thai Stock Exchange disclosure that: 'JWD foresees that container terminal operation and inland container depot businesses of ESCO are potential and high growth opportunities both during good and bad economic conditions.'
PSA has been a shareholder in ESCO since 2003 and expects the transaction to close before the end of the year.