Singapore firm becomes major shareholder in Vietnam logistics company Sotrans
PSA International Pte Ltd (PSA) has bought nearly 24.5 million STG shares of Vietnamese leading logistics service provider Sotrans, equivalent to 24.9% of Sotrans's charter capital.
The transaction was made through its fully-owned subsidiary PSA Cargo Solutions Vietnam Investments Pte Ltd via put-through method with an average price of VND52,520 ($2.2) per share, equivalent to a value of nearly VND1.3 trillion ($55.38 million).
The deal made the Singapore company's Vietnam subsidiary a major shareholder in Sotrans, listed on the Ho Chi Minh Stock Exchange (HoSE) as STG.

A Sotrans inland container depot in Ho Chi Minh City, southern Vietnam. Photo courtesy of the firm.
Established in 1975, Sotrans is well-known for providing reliable and efficient supply chain solutions. It has three main pillars of business within the group, each held by a subsidiary company. The three arms are for ports/inland container depots (ICDs) and barging; freight forwarding and contract logistics; and transportation of heavy lift and project cargo.
Tan Chong Meng, Group CEO of PSA International, said: “This latest venture into Vietnam strengthens our network in the region and is in line with our aspirations to be a global supply chain orchestrator and enabler of sustainable trade."
"With its strong fundamentals and robust growth potential, Vietnam is poised for further economic expansion and we are glad to be able to work with like-minded partners to broaden and deepen our involvement in the country with this latest collaboration," he added.
The Singapore firm did not own any STG shares before the transaction. Prior to the deal, the largest shareholder in Sotrans, Indo Trans Logistics Corporation (ITL), registered to sell 29.48 million STG shares.
Sotrans was established in 1975. In 2007, it was converted from a state-owned enterprise to a joint stock company. In the first quarter of 2023, Sotrans's net revenue reached more than VND385 billion ($16.4 million) and post-tax profit was nearly VND40 billion ($1.7 million), down 48% and 36%, respectively.
The company said that the main reason for the decline in business results was the affected business segments, most notably the transportation of components for wind power projects, transformers, and transportation and forwarding services.
STG shares finished at VND49,300 ($2.1) per unit at Friday's morning session.
PSA International is a leading global port operator and trusted supply chain partner to cargo stakeholders. PSA’s ports and cargo solutions portfolio comprises over 60 deepsea, rail and inland terminals, across 160 locations in 42 countries – including two flagship port operations in Singapore and Belgium, as well as affiliated businesses in supply chain management, logistics, marine, and digital services.
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