PSA International acquired a minority stake in SOTRANS Group (STG), also known as South Logistics Joint Stock Company, from Indo-Trans Logistics (ITL).
The acquisition will be completed through PSA's fully-owned subsidiary, PSA Cargo Solutions Vietnam Investments.
“PSA’s acquisition of a strategic stake in SOTRANS represents confidence in ITL and is an opportunity for us to leverage on PSA's global network to maximise the growth potential of Vietnam's port and maritime industry,” said Zulkifli Bin Baharudin, executive chairman of ITL.
Established in 1975, STG is a logistics provider in Vietnam having three main pillars of business within the group, each held by a subsidiary company; ports/inland container depots (ICDs) and barging, freight forwarding and contract logistics, and transportation of heavy lift and project cargo.
The partnership between PSA and ITL is expected to enhance STG’s presence in Vietnam with its local expertise in logistics, ports, barging, and project cargo, and PSA’s global network of deepsea, rail and inland terminals, affiliated businesses in distriparks, warehouses, logistics and marine services, comprehensive suite of digital solutions as well as global expertise in end-to-end supply chain services.
Tan Chong Meng, Group CEO of PSA International, commented, “This latest venture into Vietnam strengthens our network in the region and is in line with our aspiration 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.”
Seated: (Signatories) Ben Anh, CEO of ITL; and PSA’s Regional CFO SEA Kwong Wai Yan
Standing: (Witnesses) Zulkifli Bin Baharudin, Executive Chairman of ITL; and PSA’s Regional CEO SEA Ong Kim Pong
