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Friday, June 4, 2010

Aqua logistics acquires 3 Hong Kong-based cos

Mumbai-based Aqua Logistics, has completed the acquisition of three Hong Kong-based companies-- CIT Logistics, TAG Logistics and AGI Logistics. The acquisition was made through a wholly-owned subsidiary, Aqua Logistics HK.

Aqua logistics is a third party logistics service provider delivering end-to-end solutions in the logistics and supply chain domain to it customers.

Initially, the company had acquired 60 per cent stake in these three companies for a total consideration of $7.09 million. It will now acquire additional 15 per cent stake in these companies over a period of five years, the company informed the Bombay Stock Exchange in a statement.

"The combined turnover of the three companies is expected to be around Rs 100 crore for the year ending December 2010 and expected profit of this acquisition is around Rs 8-10 crore which will add to the top line and bottom line of Aqua Logistics," the statement added.

Scrip of the company was up 1.51 per cent at Rs 443 on the BSE.

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