Globavend Holdings, Inc. GVH stock is trading higher Wednesday following the company’s announcement regarding plans to acquire Top Logistics Australia.
What Happened: Globavend Holdings reported it entered a nonbinding memorandum of understanding to acquire, through equity, Top Logistics Australia.
Top Logistics, based in Sydney, provides full-service logistics across Australia with warehouses in Sydney, Melbourne, and Brisbane spanning over 15,000 square meters. Specialties include sea and air freight, customs clearance, packing, transport and warehousing services.
Under the memorandum, Globavend would make an equity investment in Top Logistics given certain conditions are met. The specifics of the agreement and conditions are still under discussion.
“The proposed transaction aligns with Globavend’s strategy to solidify its business presence and expansion into Australia. According to the 2024 Australian Post eCommerce Industry Report, 8 in 10 Australian households shopped online in 2023 and 9.5 million households in Australia have received a parcel in 2023. Australian has spent AUD63.6 billion (approximately US$42.4 billion) in 2023 in shopping online,” Wai Yiu Yau, CEO of Globavend stated
“Given the market presence of Top Logistics has, we believe the proposed acquisition will further boost our business performance and help our business to thrive in future.”
Related Link: 12 Industrials Stocks Moving In Tuesday’s After-Market Session
GVH Price Action: Globavend Holdings shares are trading 10.7% higher at $1.76 at the time of writing, according to Benzinga Pro.
Image: Photo via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
