WICE Logistics has closed a deal to acquire shares of Hong Kong logistics company Universal Worldwide Transportation Limited (UWT).
Mr. Chudet Kongsoonthorn, Managing Director Business Development of WICE Logistics, disclosed that the Company had entered into the transaction and the part 1 payment of 39.86 million baht to purchase common stocks of Universal Worldwide Transportation Limited (“UWT”) from Hong Kong on January 4, 2018 which was in accordance to the purchase plan of the UWT’s 80,000 common stocks at the par of 10 HKD, accounting for 80% of the total common stocks of UWT. The investment value of the purchase was at the total investment of 115.03 million baht of which the rest at the amount of 75 million baht would be paid in the next 5 years (2022).
WICE says the acquisition of UWT provides them with important business opportunities at the international market level. They have plans to co-expand the business in China through Guangzhou Universal Worldwide Transportation Limited (GUWT), the subsidiary of UWT, which has customers and complete logistic services in important business areas in China.
“The acquisition of UWT is a good deal and worth the investment, providing tremendous business opportunity with its business proficiency and competitiveness, marketing networks in China where exists the big transportation market with high logistics demand opening immense opportunity for the Company to co-expand customer base as well as connecting the cooperation network with SEL. As a result, WICE is able to rapidly expand its market to international level,” said Mr. Chudet.
Mr. Chudet added that the Company’s 2018 business operation plan focused on organizational restructuring by enhancing the WICE brand to the leading logistics service provider in Asia, particularly in China as the biggest market. Therefore, all the acquired companies’ names would be changed, for instance Sun Express Logistics Pte. Ltd… (SEL) to WICE LOGISTICS (Singapore) and UWT to WICE LOGISTICS (Hong Kong), etc., which helped WICE to receive better recognition and facilitate cooperation between affiliated companies with effective network connection.