SINGAPORE - Yang Kee Logistics has completed the acquisition of Australian freight management firm Axima, as it looks to drive future growth of its freight business in developed markets like Australia, China and the United States.
The acquisition was completed with partnership and support from International Enterprise (IE) Singapore, and is expected to significantly improve its overall profitability and boost Yang Kee's revenue by another S$150 million outside of Singapore. The combined group will have a headcount of over 650 employees across 11 countries in which it operates.
Yang Kee deals with contract logistics, freight forwarding, and transport and yard services with strong regional presence across South East Asian markets including Malaysia, Cambodia, and Thailand.
Its expansion in bigger markets will strengthen the firm's position in key trade lanes, deepen its freight management capabilities, and expand its service offerings to customers.
Axima is a key player in Australia's third party logistics market, with presence in all major Australian gateways. It also has a strong position in the US as well as China, having a trusted network in all major Chinese ports.
"I am confident that the customers of both Yang Kee and Axima will greatly benefit from increased geographical reach and strengthened capability," said Mr Ken Koh, Group chief executive of Yang Kee Logistics.
IE Singapore has been a key partner in Yang Kee's journey to grow exponentially and be a global player in the logistics field. IE is helping the company gain in-roads into established business networks and build capabilities in contract logistics.
Said Mr Law Chung Ming, Group Director for Transport & Logistics, IE Singapore, " We are glad to see this win-win partnership being realised as it allows a high growth SME like Yang Kee to expand its market and gain new capabilities, helping it become globally competitive."