Accuracy Shipping held a board meeting on 25th March, 2019 to considering consolidation of businesses of promoter group entities in the same line of business with the company to strengthen the overall business while improving corporate governance.

Company : Accuracy Shipping Limited

Accuracy Shipping Limited is committed to offering efficient end-to-end logistic services, with strong international partners and the local consolidated fleet of 279. The consideration for all these acquisitions is negligible at Rs.55 Lac. The merger of the businesses is Neutral in terms of Topline and PAT.

The purpose to acquire and consolidate the business is to bring all promoter group entities in the same line of business under the listed entity to avoid conflict of interest.

The consolidation includes M/s. Balaji Freight Carrier, M/s. A.R.S Transport (Proprietorship Firms) engaged in the business of Transportation, and M/s. A.R.S Clearing and forwarding LLP engaged in the business of Custom Clearance, Freight Forwarding, Transportation. Before acquisition ASL owned 188 HCV trailers after acquisition more fleets were added in the portfolio that is 42 fleets from M/s Balaji Freight Carrier and 49 fleets from M/s A.R.S transport, ASL currently owns fleet of 279 HCV trailers.

As per the press release of Accuracy Shipping Limited, the company holds 100% equity in A.R.S International Private Limited which is engaged in the business of manufacturing of Trolleys and Jayant Logistics Private Limited which is engaged in the business of Custom Clearance, Freight Forwarding, and Transportation. Accuracy Shipping Limited has acquired 51% shares of A.R.S Terminals (India) Private Limited engaged in the business of Cargo Freight station.

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