SYDNEY, AUSTRALIA: Wiseway Group Limited announced that its subsidiary Wiseway Logistics Pte (Wiseway Singapore) has completed its strategic acquisition of TAF E-Logistics (Asia) Pte Ltd.
Ms Florence Tong, Wiseway Managing Director, commented, “We are very pleased to complete our first cross-border acquisition and welcome TAF to our Group.
“This strategic acquisition will deliver valuable supply chain efficiencies and revenue synergies across our global network and place us at the doorstep of Southeast Asia’s fastest growing economies including Indonesia, Thailand, Malaysia, and Vietnam.
“Singapore is a global shipping and air cargo hub and is already an integral shipping destination within our global network. This makes it the natural stepping-stone for Wiseway to expand its presence in Asia and drive long-term growth for shareholders.”
As part of the completion, 400,000 fully paid ordinary shares in Wiseway have been issued, representing approximately 0.3% of Wiseway’s current total issued capital and will be voluntarily escrowed for two years from the date of issue.
Wiseway’s newly established presence in Singapore follows earlier operational expansions across Australia, New Zealand, and the Asia Pacific including branches in Guangzhou and Shanghai and a recent expansion of US operations through a new branch in Los Angeles, California.
TAF is a Singapore based IATA Licensed air freight and logistics company that provides a full range of services including customs brokerage and clearance, local transportation and cross-border trucking between Singapore, Malaysia, and Thailand, in addition to international freight forwarding (Air & Sea) to Indonesia & other ASEAN countries.
TAF’s lean and experienced team of five full-time employees in sales, operations, finance and warehouse management will now become part of Wiseway’s on-the-ground team in Singapore. TAF runs its main operations from a customs-bonded warehouse, strategically located within the Singapore Changi Airport’s Airfreight Centre.