PSA buys into the Vietnamese logistics company Sotrans

Singaporean terminal operator PSA International has acquired a strategic minority stake in Vietnamese logistics company Sotrans.

PSA Cargo Solutions Vietnam Investments acquired the shares from majority owner Indo-Trans Logistics (ITL). Specific numbers were not disclosed, but local media are proposing a deal worth about $55 million for nearly 25% of Sotrans’ equity.

Founded in 1975, Sotrans’ main areas of activity are ports and inland container depots, freight forwarding and contract logistics as well as the transport of heavy lift and project cargo.

Tan Chong Meng, Group CEO of PSA, said: “This latest venture in Vietnam strengthens our network in the region and is in line with our aspiration to be a global supply chain coordinator and enabler for sustainable trade.” With its strong fundamentals and robust With growth potential, Vietnam is poised for further economic expansion and we are pleased to be able to work with like-minded partners to broaden and deepen our engagement in the country through this latest collaboration.”

Related Articles

Back to top button

Subscribe To Our Newsletter

Don't miss new updates on your email