Yang Kee Logistics has completed the acquisition of 100 percent of the shares in New Zealand's Fliway Group for SGD52.1 million (USD39.2 million).
Yang Kee claims the acquisition will expand the Singaporean company's presence in New Zealand and the Oceania region.
The completion of the deal, which was announced in October last year, constitutes a change of control of Fliway, which is now wholly owned by Yang Kee and delisted from the New Zealand Stock Exchange.
"We saw huge opportunities in the Oceania region as both New Zealand and Australia enjoy strong trade relations with Asia, and with each other," said Ken Koh, group ceo of Yang Kee Logistics. "This gives us the potential to fully leverage on these key trade lanes, to facilitate cross Oceania trade as well as trade flows between Oceania and Yang Kee's existing networks in China and South East Asia."
This is the second strategic acquisition in the Oceania region completed by Yang Kee, which acquired Australian logistics company Axima in March 2017. It now employs up to 1,250 staff in 12 countries across China, Hong Kong, Southeast Asia and the USA.
The Fliway acquisition was financed by Australia and New Zealand Banking Group Limited (ANZ), as well as United Orient Capital (UOC), a special fund sponsored by the United Overseas Bank Limited.