Germany-based Hellmann Worldwide Logistics is set to acquire a 40% stake in Container Transportation Services Ltd (CTSL), a subsidiary of Summit Alliance Port Ltd (SAPL), as part of its strategy to expand its footprint in Bangladesh.
The agreement was signed on January 19, with Hellmann purchasing 333,000 newly issued shares of CTSL at Tk 10 each, plus a premium of Tk 56.50 per share. The deal is subject to shareholder approval and regulatory clearance. After the transaction, the ownership structure will see SAPL holding 60% of CTSL and Hellmann taking a 40% stake, paving the way for deeper collaboration between the two companies.
The news led to a surge in SAPL’s stock price, which jumped 9.9% to Tk 22.2 by midday trading on the Dhaka Stock Exchange.
This move comes just six months after CTSL began operations as the local agent for Hellmann Worldwide in July 2024, handling freight forwarding and shipping agency services. This partnership has already had a positive effect on SAPL’s financial performance, as seen in their quarterly results for the period ending September 30, 2024.
Hellmann, founded in 1871, is one of the world’s leading logistics providers, offering services in airfreight, seafreight, road & rail transportation, and contract logistics.
, a subsidiary of Summit Alliance Port Ltd (SAPL), as part of its strategy to expand its footprint in Bangladesh.){kind=link}