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- New Zealand Exchange-listed company MOVE Logistics (MOV) officially dual lists on the ASX as a foreign exempt entity
- Founded in 1869, the company has established itself as one of New Zealand’s leading logistics companies who provides a range of services to roughly 3500 customers
- MOVE Logistics considers the dual listing to be an important milestone in becoming a significant transport and logistics provider across Australasia
- In its first two days on the ASX, MOV shares went untraded but have since climbed 410 per cent to $1.02 on Tuesday afternoon
New Zealand Exchange-listed company MOVE Logistics (MOV) has officially joined the ASX.
The transport and logistics business listed on the ASX on Friday, July 1 after lodging an application with the ASX earlier this year to dual list as a foreign exempt entity.
The company reportedly saw a number of Australian investors join its register amid its NZ$40 million (A$36.2 million) capital raise in late 2021, and has seen an ongoing interest since then.
“We’ve got a number of Australian institutions on our registry now and it was just the right time to do the compliance listing,” Executive Director Chris Dunphy told The Market Herald.
With a heritage spanning more than 150 years, MOVE Logistics has established itself as one of New Zealand’s leading logistics companies, providing end-to-end supply chain solutions to small-to-medium enterprises as well as large corporate customers.
MOVE has roughly 3500 customers who come from a range of sectors including packaging, energy, oil and gas, building and infrastructure, and fast-moving consumer goods.
Specifically, the dual-listed company offers freight solutions, logistics and warehousing services, international freight services, specialist lifting, handling and transport, and the transportation of fuel and other hazardous liquids.
A few months back, MOVE outlined a three-year goal which was to achieve growth through organic opportunities and execute strategic acquisitions.
The company also aimed to restructure its business by simplifying it into three divisions (Freight, Contract Logistics and Investments), rather than the previous five.
When speaking on opportunities within the freight and logistics market, Chris Dunphy said even though MOVE’s operations are exclusively in New Zealand, freight decisions are being made in Australia.
“The other part of it is there is a significant amount of succession and consolidation occurring in the freight and logistics space, we can see some great opportunities emerging in Australia in the short to medium term,” Mr Dunphy said.
On the day of listing, company Chair Lorraine Witten said the listing means MOVE is “one step closer” to becoming a significant transport and logistics provider across Australasia.
“The dual listing provides access to a broader range of investors and a larger pool of capital as we look to unlock the full value of our company for shareholders in Australia and New Zealand,” Ms Witten said.
In its first two days on the ASX, MOV shares went untraded but have since climbed 410 per cent to $1.02 on Tuesday afternoon. The transportation stock has a $116.96 million market cap.
