Wiseway Group's Acquisition of KWT International Inc

Wiseway Group Limited (ASX: $WWG) has announced the acquisition of KWT International Inc., a US-based logistics company with locations in Los Angeles and New York. The strategic acquisition is expected to be completed by August 2024, with Wiseway USA, a wholly owned subsidiary of Wiseway Australia, issuing 49% of new shares to KWT's current shareholders and injecting USD200,000 cash to the joint venture. This move aims to enhance Wiseway's operational capabilities and expand its presence in the United States.

Executive Commentary on the Acquisition

Mr Roger Tong, the Group's Chief Executive Officer, stated, 'The acquisition of KWT International Inc. aligns with Wiseway's strategic objective of expanding its global reach and service offerings. With KWT's strong presence in the US market and its established customer base, Wiseway will be well-positioned to leverage synergies and enhance its operational capabilities. This acquisition is expected to drive significant value for shareholders and provide a robust platform for future growth.'

Summary of Wiseway Group's Acquisition and Outlook

The acquisition of KWT International Inc. by Wiseway Group Limited marks a significant milestone in the company's efforts to expand its capabilities and footprint in the United States. With KWT's established operational bases in Los Angeles and New York, Wiseway aims to enhance its ability to provide comprehensive logistics solutions across the US. The move also brings the experienced management team of KWT to Wiseway USA, further strengthening the company's position. The completion of the acquisition is expected to drive significant value for shareholders and provide a robust platform for future growth, aligning with Wiseway's strategic objective of expanding its global reach and service offerings.