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.

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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