Indo Trans Logistics sold stakes worth $43 million to Symphony International

By Duc Anh - Jul 10, 2019 | 03:49 PM GMT+7

TheLEADERLondon-listed Symphony International Holdings Limited (Symphony) has acquired a significant minority stake in Vietnam-based Indo Trans Logistics Corporation (ITL).

Indo Trans Logistics sold stakes worth $43 million to Symphony International
ITL is the largest independent integrated logistics company in Vietnam.

Following its entry into a structured transaction in March, Symphony has now acquired a significant minority stake worth approximately $42.6 million in ITL through its wholly-owned subsidiary.

ITL, founded in 2000 as a freight-forwarding company, has grown to become one of Vietnam’s largest independent integrated logistics company. Its network covers Vietnam, Cambodia, Laos, Myanmar, and Thailand with more than 2,000 employees across its business units and joint ventures.

Anil Thadani, chairman of Symphony Asia Holdings Pte. Ltd. and a director of Symphony, said that ITL’s strategic mandate fits well with the company’s strategy to invest in and support businesses that complement and benefit from the rising affluent and middle-class population in Asia.

“We have looked at several opportunities in Vietnam over the years, and ITL has all the attributes of the kinds of businesses we like to invest in - a proprietary deal, a strong and proven management team and a business that is well positioned to directly benefit from the growth in the region,” Thadani stated in the announcement made on July 8.

Symphony, meanwhile, is a London-listed strategic investment company that invests in a wide variety of businesses in the healthcare, hospitality and lifestyle sectors (including branded real estate developments), which are principally in Asia.

Vietnam’s logistics sector has in the past months picked up the interest among foreign investors with several deals have been inked.

Some of them include Sumitomo Corporation acquiring 10 per cent of local Germadept Corporation for $37 million and Mirae Asset-Naver Asia Growth Fund taking over two logistics centres in Vietnam for over $47 million.

According to Mirae Asset-Naver Asia Growth Fund, the investment is paving the way for the fund to tap into the fast-growing market of Vietnam that will soon develop into a logistic hub of the region.