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Allcargo's subsidiary buys controlling stake in Hong Kong cos

Press Trust of India / Mumbai 25 Oct 10 | 11:43 AM

Allcargo Global Logistics today said its subsidiary has acquired the controlling stake in Hong Kong based companies for an undisclosed sum in order to expand its non-vessel owning common carrier (NVOCC) business.

The company has acquired the business rights and controlling stake in Hong Kong-based companies engaged in NVOCC business in China and other parts of eastern regions, which would strengthen its profitability by adding about Rs 15.6 crore ($3.53 million) on a yearly basis, the logistics firm said in a filing to the Bombay Stock Exchange.

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Allcargo has made the acquisition of two vessels with the approximate capacity of 6,500 dead weight each, to augment its project cargo movement business and reduce the substantial cost on ship chartering and hiring, the filing added.

Shares of the company were trading at Rs 157.15, up 0.26 per cent from previous close on the BSE.

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