A subsidiary of Keppel Telecommunications & Transportation (Keppel T&T) has agreed to buy a 60 per cent stake in Foshan Sanshui Port Development Co, a Chinese company engaged in the development and operations of a port in Sanshui District in Foshan in China's Guangdong Province.

Keppel Logistics Foshan will pay 165.73 million yuan (S$34.1 million), after it won in a tender process to buy the stake, Keppel T&T said on Monday.

The price is based on a valuation performed by an independent valuer in May this year, although the amount might be adjusted based on the results of an audit to be conducted after the completion of the acquisition, the company added.

Keppel Logistics Foshan will pay for the acquisition in cash, funded through internal working capital and external bank borrowings.