8th Jul 2019 11:41
(Alliance News) - Symphony International Holdings Ltd said Monday it has acquired a minority stake in Vietnamese logistics company Indo-Trans Logistics Corp for USD42.6 million.
The exact size of the holding has not been disclosed.
This follows the agreement made in March where consumer business focused-investor Symphony would provide funds to Indo-Trans subsidiary Su Misura Pte Ltd.
"We have looked at several opportunities in Vietnam over the years, and ITL has all the attributes of the kinds of businesses we like to invest in - a proprietary deal, a strong & proven management team and a business that is well positioned to directly benefit from the growth in the region," said Director Anil Thadani.
"Symphony looks forward to working with management to enhance value creation at ITL and support its further development as the leading logistics company in the region," Thadani added.
Shares in Symphony International Holdings were untraded on Monday, last quoted at USD0.625.
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