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- Acquisition to add new source of revenue, improve profitability, and enhance shareholder value
- Taps on CEO Mark Bedingham's valuable expertise and networks in wine and spirits and the Company's existing JV in logistics
- Experienced management under Michael Hadley will be retained, and who remains a significant shareholder |
SINGAPORE, July 3, 2023 - (ACN Newswire) - SMI Vantage Limited, a company listed on the mainboard of the SGX, recently announced that the Company entered into a sales and purchase agreement ("the Agreement") with Michael Hadley and his partners, on the acquisition of a 51% stake in Provino Logistics Pte Ltd ("The Target").
The Target's business activities are based in Singapore and is primarily in third party logistics specializing in inventory management services to the wine and spirits and other alcoholic beverages industry including export services ("Business"). It uses a world class proprietary Warehouse Management System making the company a leader in the use of such technologies.
Combined with the Group Chief Executive Officer's ("CEO") considerable knowledge of, and global network in, the field of wines and spirits, the Board is of the view that the Proposed Acquisition will allow the Company to further develop its logistics business, an area which the Group already has considerable expertise.
CEO and President of SMI Vantage Mark Bedingham is a graduate of Oxford University and began his career with Jardine Matheson and was subsequently appointed as a Director of Jardine Pacific. He joined Moet Hennessy (LVMH Group) in the mid-1990s as the Regional Managing Director of APAC and served in that role for twenty years. Today, he also serves on the Board of The Artisanal Spirits Company (ASC), a company that owns the Scotch Malt Whisky Society (SMWS) a specialist bottler of cask strength single malt whisky and is a membership-based e-commerce business. He has also previously served as Executive Chairman in two large hospitality companies, both of which have a significant presence in Singapore.
"The Proposed Acquisition is part of the Group's corporate strategy to diversify and expand into complementary business areas within the food and beverage industry and will provide the Group with a new source of revenue, improve profitability and enhance shareholder value," said Mark Bedingham.
"I am extremely pleased to be partnering with SMI Vantage and believe that their relevant expertise and deep experience in logistics and the F&B business will allow Provino to grow significantly going forward. I am excited to see the fruits of this partnership pan out in the future, as we look to grow this business together," Michael Hadley added.
For details on the Agreement please refer to the Company's Announcement posted to SGX Net on [27 June 2013]
About SMI Vantage
SMI Vantage Limited is an investment and management company focused on capitalising on strong trends in the new economy including Food and Beverage related businesses, technology-based SaaS services and other high-tech platforms. Listed on the Main Board of the Singapore Stock Exchange, SMI Vantage Limited has a highly capable and experienced management team with a proven track record in building strong business partnerships and alliances.
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Topic: Press release summary
Source: SMI Vantage
Sectors: Transport & Logistics, Daily Finance, Food & Beverage, Daily News
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From the Asia Corporate News Network
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