Germany’s Hellmann Worldwide Logistics International GmbH has signed an agreement to acquire a 40% stake in Container Transportation Services Ltd (CTSL), a subsidiary of Summit Alliance Port Ltd (SAPL).
Under the deal, Hellmann will purchase 0.33 million newly issued shares of CTSL for Tk 221 million, priced at Tk 66.50 per share, including a premium of Tk 56.50. SAPL will retain a 60% stake, while Hellmann will hold the remaining 40%, pending shareholder and regulatory approvals.
The collaboration is expected to strengthen synergies between the two entities. Since July 2024, CTSL has focused on freight forwarding and shipping agency operations as Hellmann’s local agent. SAPL, a leading off-dock service provider, handles over 20% of containerized exports and 10% of imports through Chattogram port.
SAPL shares rose 9.9% to Tk 22.2 following the announcement. The partnership’s impact is already evident, with SAPL’s earnings doubling to Tk 19 crore in the July-September quarter of FY 2024-25, compared to Tk 85 million a year ago.
