Hong Kong tycoon John Lau Shek Yau is considering selling more than $1bn in logistics assets.
The assets include Cargo Services Far East, a mjority stake in CN Logistics International, the latter of which saw its stock has slide 4.4% this year, valuing it at around US$282 million.
Founded in 1989 by Lau, Cargo Services Far East’s logistics offerings range from ocean and freight services to retail solutions technology, food, cold chain, and fashion logistics. It operates in more than 40 countries
Cargo Services and JL Enterprises, which were also both founded by Mr Lau hold stakes in EV Cargo.
Lau told Bloomberg that “the intention to sell the stake in EV Cargo is not related to my businesses, but is a result of a difference in business strategy, with EV Cargo entering the China market.”
Cargo Services Far East operates through the Cargo Services, CN Logistics, Allport Cargo Services and eCargo brands