Aegis Logistics has now completed all the necessary formalities and executed all transaction documents for completion of Joint Venture and selling 40% of its equity ownership in its wholly owned subsidiary, Aegis Group International, Singapore, to ITOCHU Petroleum Co., (Singapore) for a total consideration of $5.85 million.
The new joint venture with ITOCHU Corporation will enable the company to significantly expand and scale up its LPG division by allying with one of the gas majors in the world. This should result in a sizeable boost to Aegis’ sales growth, earnings and size in the medium term.
