Frontier Services Group Acquires Privately-Held Transportation Company in DRC
Frontier Services Group, Limited (“FSG”, Stock Code:0500HK), a public company listed on the Hong Kong Exchange that delivers complete logistics solutions in frontier markets and with a particular focus on Africa, today announced that it has entered into an agreement to acquire a privately-held transportation company headquartered in the Democratic Republic of the Congo (“DRC”). Terms of the transaction were not disclosed.
The target company is an established and licensed transportation business in the DRC with trucks, trailers, forklifts and related logistics, servicing, and maintenance equipment.
“This acquisition supports our strategy of delivering complete logistics solutions to our customers in frontier markets,” said Pete Phillips, Chief Operating Officer of FSG. “By owning assets in the aviation, maritime and ground transportation verticals, we can best control quality and reliability for our expanding number of customers.”
The Democratic Republic of the Congo and adjacent West African markets possess some of the richest and most difficult-to-access natural resources on the African continent. Transporting material and people in and out of these remote areas in a safe and affordable manner is a service in high demand and represents a key area of opportunity for FSG.
“The proposed acquisition is one example of how we are moving FSG smartly into markets where we know we are going to achieve the highest returns by delivering dependable service, often where there is little to no competition,” stated Gregg Smith, CEO of FSG. “Our aviation, maritime and now land-based transportation assets continue to expand to meet the growing demand of our customers who have identified challenges operating in some of Africa’s more remote geographies.”
About Frontier Services Group FSG, Limited, is a publicly listed company on the Hong Kong Stock Exchange with its headquarters in Nairobi, Kenya. FSG provides complete logistics solutions in frontier markets and with a particular focus on Africa. Serving sectors across oil & gas, mining and humanitarian relief organizations, FSG is able to support customers’ needs around moving goods, material and people in to, and out of, some of the fastest growing, but more difficult operating environments in a safe, reliable and cost-effective manner. Source: Bloomberg