Hanoi (VNS/VNA) - Singaporean company PSA Cargo SolutionsVietnam Investment plans to continue increasing its stake in Vietnam’slogistics provider South Logistics Joint Stock Company (Sotrans).

Sotrans on June 20 received a public tender offer from PSA CargoSolutions Vietnam Investment to increase its ownership from 24.9% to 30% ofcharter capital. 

PSA Cargo Solutions Vietnam Investment offers to buy another5,010,921 shares of Sotrans, while the bid price is not disclosed.

Sotrans is listed on the Ho Chi Minh Stock Exchange (HoSE), with aticker symbol STG. The company's shares ended last week at 49,000 VND (2.08 USD)a share.

At the closing price, it is estimated that PSA Cargo SolutionsVietnam Investment has to spend more than 245.5 billion VND to purchase over 5million STG shares. 

Previously, the Singaporean company on May 19 bought 24.47 million STG sharesto raise its ownership from 0% to 24.9% of charter capital and become a majorshareholder of Sotrans.

In 2023, Sotrans set targets of more than 2.9 trillion VND in revenue, up 13%year-on-year, and 388.43 billion VND in profit after tax.

It plans to focus on specialising each member's business areas to maximisecapacity and efficiency.

Particularly, for Sotrans Logistics, the unit will concentrate on developinginternational and domestic freight forwarding and warehousing business.

For Vietranstimex, it focuses on developing the segment of transportingsuper-long and super-heavy goods to meet important industries such aselectricity, oil and gas, chemicals, cement, and traffic, in the domesticmarket as well as in Southeast Asia by cooperating with the largest partners ineach market.

Meanwhile, for Sowatco, it will exploit port and waterway transportationactivities in Vietnam, and look for opportunities to expand business activitiesin the north.

In the first quarter, Sotrans reported net revenue of over 385.4 billion VNDand net profit of nearly 40 billion VND, down 48% and 36% over last year, respectively./.