Allcargo Logistics-led arm to invest Rs101.97 crore for 75% stake in German company

25 Nov 2022 , 10:04 AM

Allcargo Logistics Limited informed that its wholly owned subsidiary Allcargo Belgium N.V. has entered into a share purchase agreement with NBG Logistik Beteiligungs- und Beratungsges. mbH to acquire a 75% stake in Fair Trade GmbH Schiffahrt, Handel und Logistik.

The company has agreed to acquire the said stake for the expansion of FCL and LCL business in an important market with a synergistic and capable partner.

The cost of acquisition for said 75% stake is approx. Euro 12 million (Rs101.97 crore) subject to finalization of accounts as on closing date.

The company stated that the share purchase agreement has been executed on November 23, 2022. Further, the shareholders’ agreement will be executed in the next 30-60 days.

The Fair Trade GmbH Schiffahrt, Handel und Logistik is an FCL and LCL consolidation services provider based in Bremen and Hamburg, Germany. The company handles inbound and outbound freight to and from multiple global destinations.

Allcargo Belgium NV will own a 75% stake in the target company after the transaction is completed.

At around 10.10 AM, Allcargo Logistics was trading at Rs459.80 down by 0.82% from its previous closing of Rs463.60 on the BSE. The scrip opened at Rs467 and touched intraday high and low of Rs472.75 and Rs458 respectively.

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