Frontier Services Group Ltd. (00500.HK), a transportation and logistics solutions provider focused on frontier markets, said it will acquire Transit Freight Coordinators Group (TFCG), a Johannesburg-based freight forwarding business, for 49 million South African rand (US$3.82 million).
TFCG provides transportation and movement services for freight across road, rail, sea and air, with operational hubs in Johannesburg, Cape Town and Nelspruit in South Africa, Lusaka in Zambia and Harare in Zimbabwe, according to a filing to the Hong Kong stock exchange.
In addition to intra-South and sub-Saharan Africa distribution, TFCG can undertake the contracted movement of export shipments for delivery to and from points of manufacture to warehouses.
This capability ensures seamless export/import service for customers within the SADC and international ports of destination.
TFCG was founded in 2003 by Robbie Forbes, who built the business into one of Africa’s premier ground transportation enterprises.
After the deal, Forbes will remain in his management role with the business.
Gregg Smith, chief executive of Frontier Serves Group, said TFCG will help the company provide complete logistics solutions across the African continent.
“With Africa expected to be home to 25 percent of the World’s population by 2050, we believe that by investing now to deliver the World to Africa – and Africa to the rest of the World – is not just good business, but a necessary service solution for the people of this very important continent,” Smith said.
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