India’s Allcargo Logistics considers potential sale of its stake in ECU Worldwide
BENGALURU, Sept.28 (Reuters) – Freight and air freight logistics company ECU Worldwide is looking to raise funds and has appointed Jefferies Financial to assess options, its parent company Allcargo Logistics (ACLL.NS), based on in Mumbai.
Indian company is working with adviser on possible sale of minority or majority stake and seeks deal that would value the ecu at around $ 1 billion, Bloomberg News reported Monday evening.
“It is premature to comment on what percentage of stake we will actually sell and at what value,” Ravi Jakhar, Allcargo’s chief strategy officer, told Reuters.
ECU Worldwide, a unit of Allcargo Logistics, offers cargo or container space on ships to customers around the world. It has a market share of nearly 40% in the consolidation of sea freight in the Nordic region.
Regarding the valuation, Jakhar said the company had no guidance and all figures mentioned by a third party were “purely speculative.”
Shares of Allcargo Logistics rose 4% on Tuesday, but gave up on gains and were trading down around 0.8% at 07:10 GMT amid a downturn in the broader market.
Report by Shivani Singh in Bengaluru; Editing by Arun Koyyur
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