Hellmann Worldwide Logistics, a global logistics company based in Germany, has announced its plan to acquire a 40 per cent stake in Container Transportation Services Limited, a subsidiary of Summit Alliance Port Limited.
Summit Alliance Port shared the news in a statement to the Dhaka Stock Exchange, emphasising that the partnership aims to boost its global reach and operational efficiency.
Meanwhile, Hellmann Worldwide seeks to expand its business activities and establish a direct presence in Bangladesh through this strategic move.
Following the announcement, Summit Alliance Port鈥檚 share price surged by 9.90 per cent on Monday, closing at Tk 22.20, up from Tk 20.20 in the previous trading session on Sunday.
The statement mentioned that CTSL began its freight forwarding and shipping agency business in July 2024, acting as the local agent for Hellmann Worldwide Logistics.
The agreement, signed on January 19, outlines Hellmann Worldwide鈥檚 plan to buy 3.33 lakh shares of CTSL at a face value of Tk 10 per share, along with an additional premium of Tk 56.50 per share.
This transaction, however, is pending shareholder and regulatory approvals. Once completed, Hellmann Worldwide will hold a 40 per cent stake in CTSL, while Summit Alliance Port will retain the remaining 60 per cent.
Founded in 1871, Hellmann Worldwide operates in 57 countries and generates an annual revenue of 3.5 billion euro, according to its official website.
Summit Alliance Port, established on December 6, 2003, is listed on both the Dhaka Stock Exchange and the Chittagong Stock Exchange. The company鈥檚 authorised capital is Tk聽3 billion, and its paid-up capital stands at Tk聽2.32 billion.