PSA Acquires Stake in Vietnamese Logistics Provider Sotrans Group
(Image Source: Barrett Ward/ Unsplash)
Through its wholly-owned subsidiary, PSA Cargo Solutions Vietnam Investments Pte Ltd, PSA International Pte Ltd has bought a significant minority share in SOTRANS Group (STG) from Indo-Trans Logistics.?
STG is a leading logistics provider in Vietnam, founded in 1975, that offers reliable and efficient supply chain solutions. STG is part of Indo-Trans Logistics (“ITL”). ITL has more than 3,000 employees and over 40 branch offices in Vietnam, Cambodia, Laos, and Myanmar. ITL has grown organically, acquired selectively, and partnered strategically with key logistic players to become the logistic solutions provider for integrated 3PL logistics, aviation services, freight forwarding, warehousing, and contract logistic in Vietnam.
“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. It reaffirms our commitment to better service cargo owners in the region through differentiated and innovative value-added supply chain services,” said Mr Tan Chong Meng, Group CEO of PSA International.
Representatives from ITL are also honored and happy for this strategic partnership which enhances the logistics network in the region and brings better connectivity for Vietnam to the world.?
“ITL is very pleased to have PSA as a strategic partner with SOTRANS to develop our port and logistics to become the national champion. With this partnership with PSA, a long-established, leading port operator with strong network in the world, SOTRANS will strengthen its position and we are confident that we can provide better services and connectivity for our customers in Vietnam to the world," said Mr Ben Anh, CEO of ITL.
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