WISEWAY Group has completed the acquisition of TAF E-Logistics, a Singapore-based, IATA-licenced air freight and logistics company.
Wiseway managing director Florence Tong said, “We are very pleased to complete our first cross-border acquisition and welcome TAF to our Group.
“This strategic acquisition will deliver valuable supply chain efficiencies and revenue synergies across our global network and place us at the doorstep of Southeast Asia’s fastest growing economies including Indonesia, Thailand, Malaysia, and Vietnam.
“Singapore is a global shipping and air cargo hub and is already an integral shipping destination within our global network. This makes it the natural stepping-stone for Wiseway to expand its presence in Asia and drive long-term growth for shareholders.”
The acquisition was announced earlier this month.
As part of the completion, 400,000 fully paid ordinary shares in Wiseway have been issued, representing approximately 0.3% of Wiseway’s current total issued capital and will be voluntarily escrowed for two years from the date of issue.
Wiseway’s newly established presence in Singapore follows earlier operational expansions across Australia, New Zealand, and the Asia Pacific including branches in Guangzhou and Shanghai and a recent expansion of US operations through a new branch in Los Angeles, California.
