ACQUISITION
Santova subsidiary buys up remaining minority interest in Australian operation
Santova International Holdings, a wholly owned subsidiary of JSE-listed industrial transportation group Santova, has bought the remaining 25% minority interest in Santova Logistics Australia (Santova Australia) that it did not own, for A$1.1m. The purchase price is less than 5% of Santova’s market capitalisation. Santova Australia, based in Sydney, specialises in customs brokerage, trade facilitation and international freight forwarding. Santova acquired a 75% majority stake in the company from the founder of the business in March 2009. Another 25% was bought by Patent International Company, Santova’s agent in China. Santova Australia had established itself as a niche logistics provider in a number of local industry sectors and, as a result, had seen steady growth in profitability, Santova said. The acquisition of the remaining 25% minority interest in Santova Australia facilitated the further expansion and development of the group’s presence in the region, it said. The A$1.1m is pa...
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