- Global freight forwarding company Wiseway Group (WWG) is looking to buy Singapore-based air freight company TAF E-Logistics
- Via its Singaporean subsidiary, Wiseway will acquire the logistics company for SGD$1.1 million and 400,000 WWG shares
- Wiseway Managing Director Florence Tong describes the acquisition as a natural stepping stone for the company to expand its presence in Asia
- Shares are trading 5.3 per cent higher at 40 cents at 11:43 am AEST
Wiseway Group (WWG), via its Singaporean subsidiary, is looking to buy Singapore-based air freight company TAF E-Logistics.
The global freight forwarding company will acquire TAF E-Logistics for SGD$1.1 million (A$1.1 million) and 400,000 shares.
Aside from Singapore, TAF E-Logistics also services American and Southeast Asian markets, and in the 2021 financial year had a revenue of SGD$1.7 million (A$1.7 million) and SGD$1.1 million (A$1.1 million) in assets.
Wiseway Managing Director Florence Tong described the acquisition as a natural stepping stone for the company to expand its presence in Asia.
“This is a strategic opportunity to establish on-the-ground presence in the heart of Southeast Asia’s freight and logistics hub and support our growth plans in the region,” she said.
“This in-country presence in Singapore will deliver valuable supply chain efficiencies to our operations in Southeast Asia and open new gateways for revenue synergies across our broad network of shipping destinations, especially within our key business divisions of air freight, perishables and imports.”
“Importantly, our customers will benefit from an expanded range of cost-effective freight options that cater to their everyday shipping requirements.”
Subject to satisfaction or waiver of conditions precedent, Wiseway expects the acquisition to be completed on or around August 13, 2021.
Shares were trading 5.3 per cent higher at 40 cents at 11:43 am AEST.