Yinghui Logistics (01442) issued an announcement. On December 29, 2023, the buyer (Supply St...
According to Zhitong Finance App, Yinghui Logistics (01442) issued an announcement. On December 29, 2023, the buyer (Supply Stream Management Sdn Bhd, an indirect wholly-owned subsidiary of the company) signed a sales agreement with the seller (Tan Teik Hong). The buyer has agreed to buy and the seller has agreed to sell all of the target company's issued share capital at a cash cost of US$3.626 million.
The target company is Flexitank Solutions Pte. Ltd., is mainly engaged in the wholesale trade business and freight business of various products in Singapore. The total unaudited asset value and net asset value as at 30 September 2023 were USD 6.834 million and USD 1,8402 million respectively.
According to the announcement, the acquisition is a strategic market expansion in line with the Group's goal of expanding its influence globally. The acquisition will help the Group reach a wider customer base and market in Singapore, while strengthening the Group's position in the country. This move will further enable the Group to reduce risk and diversify its operations in the country, and use existing resources to enjoy economies of scale. The acquisition creates a platform for continued revenue growth and market expansion.