Symphony International backs partial management buyout of Vietnam freight firm

22nd Mar 2019 09:46

(Sharecast News) - Symphony International Holdings announced on Friday that it has, through a wholly-owned subsidiary, entered into a structured transaction to provide funds to Su Misura - a company owned by the management of Vietnam-based Indo Trans Logistics Corporation.The London-listed firm said the transaction would provide it with an opportunity to acquire a minority stake in the company at a later date.It said the transaction represented more than 5% of Su Misura's net asset value, however for reasons of commercial sensitivity, exact pricing information was not being disclosed.Indo Trans Logistics was founded in 2000 as a freight-forwarding company, and had since grown to become Vietnam's largest independent integrated logistics company with a network that was spread across Vietnam, Cambodia, Laos, Myanmar, and Thailand.Symphony said that under the guidance of Indo Trans Logistics' chief executive officer Ben Anh and its management team, the company had grown to "national champion status" in Vietnam, with more than 2,000 employees across its business units and joint ventures."We are excited with this opportunity to support management's acquisition of a larger interest in Vietnam's leading private logistics company, and look forward to being part of Indo Trans Logistics' growth as it seeks to further expand in Indochina," said Symphony Asia Holdings Anil Thadani."It fits well with our strategy to invest in people and businesses that support the growth of industry and commerce in key emerging market countries across Asia."Thadani said the board had looked at several opportunities in Vietnam over the years, but none had provided a better opportunity to participate in a sector directly linked to the economic growth of the country."Symphony looks forward to working with [the] management to further build Indo Trans Logistics into a leading logistics company in the region."