HONG KONG's Kerry Logistics Network is continuing to pursue new acquisition opportunities in Canada, the Middle East and Indonesia, says Citi Research's Asia Pacific transportation vice president Michael T Beer.

"We expect the company to spend around HK$2 billion (US$257.9 million) in fiscal 2014 in capital expenditures including acquisitions," said the Hong Kong-based analyst.

Mr Beer, after talks with Kerry executives, said the company expects to announce details by the end of the year.

"Management is also conducting due diligence in the US and assessing new targets, but was unable to provide specific detail," he said.

"The company also completed the acquisition of land in Wuhan for a new 500,000-square foot facility and will begin work on the phase 2 project in Wuxi imminent," he said.

Management also noted that they were looking at projects in Zhuhai associated with the new Hong Kong-Zhuhai-Macau Bridge to be completed in 2016/17, significantly enhancing connectivity in the Pearl River Delta, he said

In late September, Kerry announced a joint venture with Lead Logistics, an international freight forwarding operation in Australia and New Zealand.

The new entity, Kerry Logistics (Oceania) will tap into trade between Asia and Oceania as well as the Trans-Tasman trade between Australia and New Zealand.

During the first half, Kerry spent just over HK$310 million in acquisitions with another HK$480 million in capital expenditure for a public private CapEx for property plant and equipment and completion of its global IT platform.

This increased its stake in a Vietnam Express company to 96 per cent and took its holding in the Malaysian and Thai road network (part of the KART operation) to 100 per cent.