Globavend enters MOU to acquire Top Logistics

Globavend Holdings has entered into a non-binding Memorandum of Understanding to make an equity investment in Top Logistics Australia, a key one stop logistics solutions provider in Australia. Under the MOU, the Company would make an equity investment in Top Logistics on fulfillment and/or waiver of certain conditions precedent to be set out in the definitive agreement, which is subject to a further and ongoing discussions and due diligence. Top Logistics is a full-service logistics provider headquartered in Sydney with a very strong presence in Australia, having warehouses in Sydney, Melbourne and Brisbane with space over 15,000 square metres. It specializes in sea & air freight, import, customs clearance, cargo-deconsolidation, packing and fulfillment, transport and logistics, as well as warehousing services. Wai Yiu Yau, CEO of Globavend stated “The proposed transaction aligns with Globavend’s strategy to solidify its business presence and expansion into Australia. According to the 2024 Australian Post eCommerce Industry Report, 8 in 10 Australian households shopped online in 2023 and 9.5 million households in Australia have received a parcel in 2023. Australian has spent AUD63.6 billion in 2023 in shopping online. Given the market presence of Top Logistics has, we believe the proposed acquisition will further boost our business performance and help our business to thrive in future.”