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Allcargo Logistics announced that it signed a share purchase agreement with KWE-Kintetsu World Express (S) ("KWE Singapore"), KWE Kintetsu Express (India) ("KWE India"), Gati and Gati-Kintetsu Express ("GKEPL") for acquisition of aggregate 1,50,000 equity shares, or 30% stake, of GKEPL.
The deal comprises 1,30,000 equity shares, or 26% stake, in GKEPL from KWE Singapore and 20,000 equity shares, or 4% stake, in GKEPL from KWE India. The stake was purchased for an aggregate consideration of Rs 406,70,50,000.
Post completion of this transaction, Allcargo Logistics will hold 30% stake and Gati will continue to hold the existing 70% stake in GKEPL.
Allcargo Logistics is an integrated logistics service provider and operates in multiple business segments – multimodal transport operation (MTO), container freight station (CFS) / inland container depot (ICD), projects and engineering (P&E), contract logistics, and logistics parks (LPs) in which it has forayed recently.
The company's consolidated net profit (from continuing operations) slumped 61.59% to Rs 124.43 crore in Q3 FY23 as against Rs 323.95 crore posted in Q3 FY22. Revenue from operations dropped 26.8% year on year to Rs 4,099.02 crore in Q3 FY23.
Shares of Gati were up 0.40% to Rs 100.25 on the BSE.
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