The step has been taken to strengthen SF Holdings' international business.
On September 16, SF holdings announced tender offers to acquire the equity of Kerry Logistics have completed. The company has received 57.5% of the issued share capital on a fully diluted basis of the target company.
Under the current circumstances, China is favoring international trade. In 2020, China's total value of import and export of goods was a record high of CNY 32.16 trillion. It is the only major economy in the world to achieve positive growth during the pandemic.
Kerry Logistics is an international third-party logistics service provider based in Asia with highly diversified business and strong Asian network coverage. Its business covers a series of supply chain solutions, including integrated logistics, international freight forwarding (sea, land, air, railway and multimodal transport), industrial project logistics, cross-border e-commerce, and infrastructure investment. Its offices are located in 59 countries around the world, covering China, India, Southeast Asia, CIS, the Middle East, Latin America and other regions.
In 2019, the revenue of Kerry Logistics reached HKD 41.139 billion, a year-on-year increase of 8%. In 2020, the company's revenue in the first half increased by 10% year-on-year to HKD 21.88 billion.
Therefore, this acquisition will empower SF holdings to develop its clear strategic path globally.