London Stock Exchange-listed Symphony International Holdings Limited has acquired a significant minority stake in Vietnam-based Indo Trans Logistics Corporation (ITL) for approximately $42.6 million, according to an announcement.
Founded in 2000, ITL is an independent integrated logistics company with operations across Vietnam, Cambodia, Laos, Myanmar, and Thailand.
“ITL’s strategic mandate fits well with our strategy to invest in and support businesses that complement & benefit from the rising affluent and middle-class population in Asia,” said Anil Thadani, Chairman of Symphony Asia Holdings Pte. Ltd. and a Director of Symphony.
“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 & proven management team and a business that is well positioned to directly benefit from the growth in the region,” he added.
Symphony invests in a wide variety of businesses in the healthcare, hospitality and lifestyle sectors (including branded real estate developments), which are principally in Asia.
Recent investments in Vietnam’s logistics sector include Japan’s Sumitomo Corporation, picking up a 10 per cent stake in port operation and logistics firm Gemadept Corporation.
Last November, Seoul-headquartered Mirae Financial Group and Internet group Naver acquired two logistics centres in northern Vietnam for 53 billion won ($47 million).
MAPLETREE Logistics Trust in January completed the acquisition of a warehouse in the Vietnam-Singapore Industrial Park I located in Binh Duong province for approximately S$43 million.