Kuehne + Nagel International AG agreed to acquire 75% stake in City Zone Express Pte. Ltd. from Chasen Holdings Limited for SGD 9.4 million on a cash free and debt free basis .

Chasen Holdings Limited is a Singapore-based investment holding company. The Company operates through three segments: Specialist Relocation, Third Party Logistics, and Technical & Engineering. The Specialist Relocation segment is engaged in the provision of specialist manpower equipped with specialized material handling tools, equipment and vehicles to relocate machinery and equipment of customers within their premises, from one location to another location within a country, or from one country to another. The Third Party Logistics segment is involved in the provision of packaging, trucking, distribution, freight forwarding, non-bonded and bonded warehousing (with in-house customs clearance), cargo management and last mile services. The Technical & Engineering segment is engaged in the provision of design, fabrication and installation of steel structures, mechanical and electrical installations including hook-up for production facilities, parts refurbishment and various others.