On Time Logistics Holdings (6123.HK) acquired the remaining 25% Shares of OTX Holland with HK$ 38 Million
YTO Express (International) Holdings Limited (formerly known as “On Time Logistics Holdings”) (6123.HK) posted an announcement on 9th March 2018. Its indirect wholly owned subsidiary, Jumbo Channel Limited, as the Purchaser, entered in the Sale and Purchase Agreement with the Vendor, T.Y.D. Holding B.V.. The Purchaser has conditionally agreed to acquire the remaining 25% shares of OTX Holland B.V., the Target Corporation, at a consideration of HK$ 38 million.
On the date of the announcement, the Target Corporation is an indirect non-wholly owned subsidiary of the Company, held as to 75% by the Purchaser and 25% by the Vendor. Immediately after Completion, OTX Holland will become an indirect wholly-owned subsidiary of the Company.
OTX Holland is mainly engaged in the freight forwarding business in the Netherlands. For the years ended 31 December 2015, 2016 and 2017, net profit after tax for the year attributable to owners of the OTX Holland Group were EUR 893,000, EUR 654,000 and EUR 1,460,000 respectively.
The Company is of the view that the acquisition will further consolidate the Group’s control in OTX Holland and enhance the operating efficiency of the Group in respect of the OTX Holland Group.