WICE closed the deal to acquire shares of Hong Kongs leading logistics company, Universal Worldwide Transportation Limited, in order to expand its market to Chinese and Hong Kong customers.

Stocks and Financial Services Press Releases Tuesday January 9, 2018 15:57
Bangkok--9 Jan--Worklink PR

Preparation for big restructuring has been established to enhance Thai logistics brand "WICE" as the leader of logistics service provider in Asia with the target revenue of this year to rise by 30%, reaching 1.8 billion baht. New business partners are welcomed.

Mr.Chudet Kongsoonthorn Managing Director Business Development of WICE Logistics Pcl., (WICE), the complete international logistics service provider disclosed that the Company had entered the transaction and the part 1 payment of 39.86 million baht to purchase common stocks of Universal Worldwide Transportation Limited ("UWT") from Hong Kong on January 4, 2018 which was in accordance to the purchase plan of the UWT's 80,000 common stocks at the par of 10 HKD, accounting for 80% of the total common stocks of UWT. The investment value of the purchase was at the total investment of 115.03 million baht of which the rest at the amount of 75 million baht would be paid in the next 5 years (2022).

The acquisition of UWT provides WICE important business opportunity at international market level. The Company has a plan to co-expand the business in China through Guangzhou Universal Worldwide Transportation Limited (GUWT), the subsidiary of UWT, which has customers and complete logistic services in important business areas in China. This leads to an increase of customer base which is beneficial to the Company's proficiency to increase its revenue and profitability in the future.

"The acquisition of UWT is a good deal and worth the investment, providing tremendous business opportunity with its business proficiency and competitiveness, marketing networks in China where exists the big transportation market with high logistics demand opening immense opportunity for the Company to co-expand customer base as well as connecting the cooperation network with SEL. As a result, WICE is able to rapidly expand its market to international level, said Mr.Chudet

Mr.Chudet added that the Company's 2018 business operation plan focused on organizational restructuring by enhancing the WICE brand to the leading logistics service provider in Asia, particularly in China as the biggest market. Therefore, all the acquired companies' names would be changed, for instance Sun Express Logistics Pte. Ltd... (SEL) to WICE LOGISTICS (Singapore) and UWT to WICE LOGISTICS (Hong Kong), etc., which helped WICE to receive better recognition and facilitate cooperation between affiliated companies with effective network connection.

The Company's revenue target of 2018 is at 1,800 million baht, increasing by 30% from the revenue in 2017 of which is confident to meet the target of 1,300 million baht. The growth factor comes from the expansion of all-type service operation which consists of Sea Freight, Air Freight, Custom Service, Domestic Transportation, and Warehouse Management.

In addition, the Company also records the 2nd year operation revenue from SEL in this year and another revenue report of UWT after the acquisition. Meanwhile, the Company still focuses on its business expansion policy by looking for proficient business partners to help support the business and to connect WICE's network in order to achieve complete logistics coverage in Asia.


Latest Press Release

SET welcomes restaurant operator Zen Corporation Group on February 20

The Stock Exchange of Thailand (SET) will list Zen Corporation Group pcl – a leading operator of restaurant brands in Thailand – on February 20, under the ticker symbol "ZEN". The company has a market capitalization at its initial public...

Photo Release: EXIM Thailand Holds FX Risk Management Seminar Phase 2 To Promote FX Risk Hedging Tools for SME Exporters in the Northeast

Mr. Chana Boonyachai (center), Executive Vice President of Export-Import Bank of Thailand (EXIM Thailand), recently welcomed Mrs. Thatsanee Tangpattanasiri (right), Director, Northestern Regional Office, Bank of Thailand (BOT), and Mr. Ranon Keowsuddhi...

Frasers Property Thailands Revenue Increased 341% to 2.577 Billion Baht and Net Profit Rose 190% to 684 Million Baht in Q1/2019

Revenue totalled 2.577 billion baht, an increase of 1.993 billion baht or 341% year-on-year, while net profit totalled 684 million baht, a growth of 190% year-on-year. Embarked on a "Total Dimension" strategy to become leading provider of smart...

Photo Release: EXIM Thailand Visits Xayaburi Hydroelectric Power Project

Mr. Nopporn Thepsithar (fifth left), Chairman of the Board of Executive Directors, Export-Import Bank of Thailand (EXIM Thailand) and Dr. Narongchai Akarasanee (center), former Minister of Energy, recently visited Xayaburi Hydroelectric Power Project...

Thailands Promotion of Advanced Technology and Eco-system Development Enables Local Producers to Fly Higher

Thailand has been experiencing a gradual shift from a manufacturing to a high-value manufacturing economy after the country has put all its efforts into promoting the use of advanced technology, science, and innovation in parallel with the development of...

Related Topics