An international takeover of one of New Zealand’s largest transport and logistics companies is now complete.
Singaporean logistics firm Yang Kee Group have completed the acquisition of Fliway Group for NZ$55.4 million at $1.22 per share.
It makes Yang Kee the first and largest third-party Singaporean logistics firm to operate in New Zealand and the Oceania region.
Yang Kee now has over 1250 employees in 12 countries across Australia, China, Hong Kong, South-east Asia and the US.
Fliway has now delisted from the NZX as the company is wholly owned by the Singaporean group.
Yang Kee chief executive Ken Koh says the companies vision is to “go global”.
“We saw huge opportunities in the Oceania region as both New Zealand and Australia enjoy strong trade relations with Asia, and with each other.
“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,” he says.
The D&G Hawkesby Trust, Fliway’s former majority shareholder, which is associated with managing director Duncan Hawkesby, represented around 54.2% of total shares on issue.
Fliway Chairman Craig Stobo says the independent directors considered the “advantages and disadvantages” of the proposal and considered it a good deal.
Fliway managing director Duncan Hawkesby says it’s a “great milestone” for both companies and “significantly strengthens our position across the Tasman and in the Asia Pacific Region”.
