Allcargo Logistics Ltd. announced on Wednesday that its arm, Ecuhold NV, has acquired an additional 10% stake in Japan-based Ecu Worldwide for $220,000. The acquisition was completed on March 31.
Pursuant to acquisition of a 10% stake in Ecu Worldwide (Japan) Ltd., Ecuhold NV now holds 100% stake in Ecu Worldwide (Japan) Ltd., according to an exchange filing.
With this acquisition, the company aims to expand its FCL and LCL business in a key market through a strategic partnership with a capable and synergistic partner, it said.
ECU Worldwide (Japan) Ltd., a FCL and LCL consolidation services provider operating in Japan, handles inbound and outbound freight to and from multiple destinations globally.
Shares of Allcargo Logistics closed 2.05% lower at Rs 30.04 apiece on the NSE, compared to a 0.72% advance in the benchmark Nifty. It has fallen 59.32% in the last 12 months and 40.20% on a year-to-date basis.
Two out of the three analysts tracking the company have a 'buy' rating on the stock, while one recommends a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 61.5%.
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