Contract Logistics

WICE Finalizes Deal to Acquire Hong Kong Logistics Company

WICE Finalizes Deal to Acquire Hong Kong Logistics Company
Danny Gill

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.

Mr. Chudet Kongsoonthorn

“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.

Contract Logistics
Danny Gill

Danny is currently a Contributing Writer for Airfreight Logistics and Logistics Manager (LM) and is quite the foodie. He’s always on the hunt for new and exciting dishes to sample, and is never one to back down from a spicy challenge. His travels have taken him around the world, and he’s been able to experience many different cultures (and food).

More in Contract Logistics

DHL Release DHL Global Connectedness Index (GCI) Fifth Edition

DHL Release DHL Global Connectedness Index (GCI) Fifth Edition

Logistics ManagerFebruary 18, 2019
CMA CGM Unveils their Public Tender for Shares in CEVA Logistics

CMA CGM Unveils their Public Tender for Shares in CEVA Logistics

Logistics ManagerFebruary 13, 2019
Rhenus Asia-Pacific Continues Intra-Asia Push

Rhenus Asia-Pacific Continues Intra-Asia Push

Logistics ManagerJanuary 16, 2019
Titan-VNS Teams Complete their First QCP Competition Initiative

Titan-VNS Teams Complete their First QCP Competition Initiative

Logistics ManagerJanuary 16, 2019
Bolloré Logistics South Africa Upgrade Pomona Facility

Bolloré Logistics South Africa Upgrade Pomona Facility

Logistics ManagerJanuary 14, 2019
Bolloré Logistics Japan Deliver Tallest and Heaviest Cargo to Uzbekistan

Bolloré Logistics Japan Deliver Tallest and Heaviest Cargo to Uzbekistan

Logistics ManagerJanuary 14, 2019
GAC to Open Operations Base at KIZAD

GAC to Open Operations Base at KIZAD

Logistics ManagerDecember 19, 2018
Yusen Logistics Establish Lao Operations

Yusen Logistics Establish Lao Operations

Logistics ManagerDecember 18, 2018
DSV Canada Breaks Ground on New Logistics Facility

DSV Canada Breaks Ground on New Logistics Facility

Logistics ManagerDecember 18, 2018
LM is the leading source of logistics and cargo news within ASEAN and is regarded as one of the most authoritative sources of information. Our subscribers keep up to date with the latest logistics news, views, features and events within ASEAN and beyond.
AFL Real Logo

Airfreight Logistics is the air cargo professional’s number one provider of news and information in ASEAN and around the World. To keep abreast of all the latest news and for in-depth features visit our website www.airfreight-logistics.com

UpMedio

Subscribe to our newsletter!

© 2015 Logistics Manager | About Us | Advertise | Subscribe | Contact | thai Thai Version