Hong Kong-listed Kerry Logistics Network is open to the idea of mounting a secondary listing here, despite turning down this option last year

Logistics firm not ruling out secondary listings here

Friday, Mar 21, 2014
Jonathan Kwok
The Straits Times
SINGAPORE – Hong Kong-listed Kerry Logistics Network is open to the idea of mounting a secondary listing here, despite turning down this option last year.

Kerry Logistics floated its stock in Hong Kong last December, and in the lead-up, the Singapore Exchange (SGX) had asked the company to consider a secondary listing here, said chairman George Yeo, a former Cabinet minister, on Tuesday.The Hong Kong listing “was done in an unusually short time”, Mr Yeo told a media briefing on Tuesday.
“To have a secondary listing at the same time would have been too difficult.”
He has now left the door open for an eventual secondary listing here although he said the firm is not looking to do so this year.
“Whether we will consider it in the future, I think it is something we will want to think about,” he said. “It’s not urgent.”
He noted that there are more logistics companies listed here, so some market watchers argue that there is more liquidity here owing to better knowledge among investors of the sector.
“I can’t say I’m completely convinced. I have not really thought about it very hard or looked at it very closely.”
Mr Yeo noted that Kerry Logistics already meets Hong Kong regulatory standards which are comparable to Singapore’s. “It’s not as if the additional hurdles are much more difficult,” he said.
The company has a large presence in Hong Kong, Taiwan, mainland China and South-east Asia.
Mr Yeo said he would “like to see Singapore become more important as a node” for the firm.
Kerry Logistics would seek to grow its operations here, with a bigger truck fleet and possible acquisitions, he said.
In January 2012, Mr Yeo became vice-chairman of Kerry Group, which is controlled by Malaysian tycoon Robert Kuok. He became chairman of group unit Kerry Logistics in August of that year.
Before that he had spent 23 years in Government until his team lost in Aljunied GRC in the May 2011 General Election. Mr Yeo had served as Minister for Information and the Arts, Health, Trade and Industry and Foreign Affairs.
He has several commitments outside his work with Kerry.
This year, he joined the Singapore Manufacturing Federation’s (SMF) inaugural board of governors, to step in when there are unresolved issues which may affect the federation.
“That appoinment was at the request of (SMF president) George Huang,” said Mr Yeo.
“He promised me that unless there is a crisis it’s really nothing that I should be doing… So on that basis I happily accepted.”
Mr Yeo, a Roman Catholic, also has commitments with the Vatican.
Pope Francis this month named him as a member of the Council for the Economy, which is meant to improve the supervision of economic and administrative issues at the Holy See.
He will need to travel to the Vatican once a quarter, he said.