Singaporean terminal operator PSA International has picked up a strategic minority stake in Vietnamese logistics firm Sotrans.
PSA Cargo Solutions Vietnam Investments acquired the stake from the majority owner, Indo-Trans Logistics (ITL). No specific figure was disclosed, but local media suggests a deal worth about $55m for nearly 25% of Sotrans’s capital.
Established in 1975, Sotrans’ main areas of activity are ports and inland container depots, freight forwarding and contract logistics and transportation of heavy lift and project cargo.
Tan Chong Meng, Group CEO of PSA, said: “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.”
