JOHANNESBURG--(BUSINESS WIRE)--Nov 24, 2015--Frontier Services Group Limited ("FSG") (SEHK:00500), a publicly listed, transportation and logistics solutions provider in frontier markets with its operational headquarters in Nairobi, Kenya, today announced that it has completed a Share Purchase Agreement whereby FSG has purchased the business and certain assets from a group of companies collectively referred to previously as, Transit Freight Coordinators Group.
The company will now be called, Transit Freight Forwarding ("TFF").
Transit Freight Forwarding, headquartered in Johannesburg, South Africa provides transportation and movement services for freight across road, rail, sea and air from its operational hubs in Johannesburg, Cape Town, Nelspruit (all in South Africa), Lusaka (in Zambia) and Harare (in Zimbabwe).
TFF has expertise in cross-border freight movements within the 15-Nation Southern African Development Community ("SADC"), offering specialized modes of transportation through appointed freight controllers, via road, rail, air and/or sea. In addition to intra-South and sub-Saharan Africa distribution, TFF can undertake the contracted movement of export shipments for delivery to and from points of manufacture to warehouses, incorporating all international consignment clearing requirements. This capability ensures seamless export/import service for customers within the SADC and international ports of destination.
TFF was originally founded in 2003 by Robbie Forbes, who built the business into one of the continent's premier ground transportation enterprises. "We saw FSG's growth and new customer needs as something additive to our business. Their management, technology and customer pipeline are a fantastic distribution channel for new business and future growth together." Mr. Forbes will remain in his management role with the business.
The acquisition furthers FSG's stated strategy to provide a one-stop solution for transportation and logistics requirements throughout Africa. Gregg Smith, CEO of FSG, said, "Our acquisition of Transit Freight Forwarding marks another important step forward in FSG's strategy of providing our customers with complete logistics solutions across the African continent. We are particularly proud to be doing it with the proven management, leadership and expertise that we see in the TFF team." Mr. Smith further stated that, "With Africa expected to be home to 25% of the World's population by 2050, we believe that by investing now to deliver the world to Africa ?V and Africa to the rest of the world ?V is not just good business, but a necessary service solution for the people of this very important continent."
Frontier Services Group was represented by the Tabacks Law Firm, who acted as transaction counsel.
Tabacks is a South African law firm specializing in corporate commercial law with a strong focus on mergers and acquisitions, acting primarily for listed corporate entities, with an expertise in tax, competition law and employment law. Other specialties include property law, gaming law and pharmaceutical law. A substantial amount of their work involves cross-border transactions into Africa, Europe, Asia and the United States
About Frontier Services Group:
Frontier Services Group Limited ("FSG") (SEHK: 00500) 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 with a particular focus on Africa. Serving sectors across oil and gas, mining and humanitarian relief organizations, FSG is able to support customer's 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.
For Further Information Please Visit: www.FSGroup.com
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CONTACT: Frontier Services Group Limited
CT Hew, +852 9132 8828
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK SOUTH AFRICA AFRICA
INDUSTRY KEYWORD: ENERGY OTHER ENERGY TECHNOLOGY OTHER TECHNOLOGY TRANSPORT OTHER TRANSPORT TRAVEL TRANSPORTATION LOGISTICS/SUPPLY CHAIN MANAGEMENT AUTOMOTIVE PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES GENERAL AUTOMOTIVE
SOURCE: Frontier Services Group Limited
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PUB: 11/24/2015 10:14 PM/DISC: 11/24/2015 10:13 PM