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Logistics International Completes Nearly $24 Million Buy of Air, Ocean Freight Forwarding Services Firm

MT Newswires ·  {{timeTz}}

11:44 PM EDT, 03/23/2022 (MT Newswires) -- Logistics International Holdings (HKG:2130) on Wednesday completed the acquisition of the entire issued shares of air and ocean freight forwarding services provider Allport Cruise Logistics for HK$185.8 million ($23.7 million), according to a late same-day filing.

Logistics International will allot and issue 20.2 million shares for HK$9.2 each to settle the purchase from vendor Cargo Services Seafreight, which is a controlling shareholder of the Hong Kong-based delivery service provider, a previous disclosure said.

The shares to be issued to Cargo Services represent 6.8% of CN Logistics' shares as enlarged by the allotment and issue.

Shares rose over 1% in late morning trade Thursday.

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