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Aqua Logistics to take over Hong Kong companies
16 April 2010: Aqua Logistics has entered into an agreement to acquire three Hong Kong-based companies – CIT Logistics, TAG Logistics and AGI Logistics – through its wholly owned subsidiary, Aqua Logistics HK.
Initially, Aqua is likely to acquire 60 per cent shareholding in the three companies for $7.09 million (approx Rs 32 crore). It intends to buy an additional 15 per cent equity stake over five years.
Aqua Logistics had earlier raised about Rs 150 crore through an IPO. The company had earmarked Rs 35 crore of the total funds raised for acquisition. Payments for the acquisition will be in cash.
Source: Hindu Business Line