Allcargo Logistics to acquire Asiapac Equity Investment (Hong Kong)

Allcargo Logistics' wholly owned step-down subsidiary, AGL N.V. has entered into a Share Purchase Agreement with Atlas Global Trading F.Z.C. (UAE) to acquire 100% stake in Asiapac Equity Investment (Hong Kong).

The target entity is an investment company with underlying subsidiaries operating in ocean freight logistics. This acquisition would result in business of the company in Turkey in FCL as well as LCL consolidation and contribute to future growth. The cost of acquisition is USD 4.99 million. The transaction is expected to be completed by March 2023.

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