SINGAPORE - Australia-based Logos on Wednesday (July 3) said it has increased its stake in Yang Kee Holdings, a unit of Yang Kee Logistics, to 35 per cent. The initial stake and amount invested were not disclosed.

Yang Kee will use the funds raised to strengthen its logistics operating capabilities locally and for overseas growth. It also plans to invest in and develop more quality logistics assets in Singapore with Logos.

Yang Kee Logistics group CEO Ken Koh said the increased investment affirms Logos' vote of confidence in their jointly-owned portfolio and Yang Kee's logistics capabilities.

Logos South-east Asia managing director Stephen Hawkins said Yang Kee Holdings was Logos' first investment in Singapore, and that it is pleased to be "increasing its stake in this quality portfolio".

Logos is an Australian logistics real estate firm which, together with Yang Kee, developed a 66,000 sq m logistics hub at 2 Tuas South Link. The $150 million project comprising a five-storey warehouse to store lubricants and industrials was completed in late 2018.

In January 2018, the home-grown logistics firm completed its $52.1 million acquisition of New Zealand-based Fliway, a fully integrated logistics provider. The move made Yang Kee the first and largest Singaporean third-party logistics player to operate in New Zealand and the Oceania region, it said at the time.

Correction note: An earlier version of this article incorrectly stated the year Yang Kee acquired New Zealand-based Fliway. We are sorry for the error.