Triple I Logistics said it spent more than Bt500 million to complete its deal on the purchase of a 50 per cent stake in Around Logistics Hong Kong, stepping up as a sales agent of freight for airlines in the region.
Triple I Logistics PLC, a Thai integrated logistics operator, announced it would buy a 50 per cent stake in Around Logistics Management Company Limited in Hong Kong for over Bt500 million to strengthen its air freight business and also expand its partnership with airlines in providing services to cover destination in 24 nations. It expects total sales in 2019 to grow over 20 per cent.
CEO Tipp Dalal said the company’s board has approved a deal to purchase a 50 per cent stake in Around Logistics. It has bought 125,000 shares. To do so, the company has used its fund raised from an IPO, cash flow from operation and borrowed from financial institutions to spend on the purchase, with the aim to increase its business value in air freight.
Tipp said buying shares in Around Logistics Management will help strengthen the company’s strategy in a competitive market.