S24/7: PSA buys Turkish logistics company
SPLASH 24/7 reports: Singaporean terminal operator PSA International has bought a 75% stake in Istanbul-headquartered Alisan ...
22 May 2023, Singapore
PSA International Pte Ltd (“PSA”), a leading global ports and supply chain solutions provider, and Kazakhstan Railways (“KTZ”), the operator of the main railway network of the Republic of Kazakhstan, have signed an agreement to establish a joint venture company (“Agreement”), KPMC Ltd (“KPMC”). KPMC will promote the development of the Trans-Caspian International Transport Route (TITR), enhancing connectivity and trade flows from Southeast Asia and China, through Kazakhstan, and beyond to Europe. The Agreement is subject to customary conditions including regulatory approval.
The TITR is a rail corridor route that connects China and Europe, offering cargo owners an additional intermodal transport option to help them balance their supply chain needs of resilience, agility and sustainability. The partnership between KTZ and PSA aims to develop the TITR through initiatives such as the organisation of block trains and provision of station-to-station products and services. This increases cargo flow, improves transit times and reduces the cost of transportation through the TITR.
Mr Tan Chong Meng, Group CEO of PSA International, said, “This joint venture is a milestone moment for PSA, as it expands our global footprint into Central Asia, and reflects our continued commitment to enhance global connectivity and enable sustainable trade. By partnering with KTZ to develop a holistic physical and digital ecosystem for the users and stakeholders of the Trans-Caspian International Transport Route, we seek to create a seamless and efficient logistics network that offers cargo owners a vital and valuable option to improve the agility, resilience and sustainability of their businesses.”
Mr Wan Chee Foong, Regional CEO Middle East South Asia & Head of Group Business Development of PSA International, said, “PSA’s global presence with an established network of ports and supply chain capabilities enables us to add value in the development and commercialisation of TITR. This synergistic partnership will not only bolster PSA’s efforts to expand its rail product offerings but also empower KTZ to tap into new markets and establish itself as a pivotal player in the global logistics landscape.”
The Agreement was signed during the Kazakhstan-Singapore Business Forum in Astana on 22 May 2023, in the presence of Singapore’s President Mdm Halimah Yacob and Kazakhstan’s Prime Minister Mr Alikhan Smailov.
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