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News

Notice Regarding Transfer of Shares of the Affiliated Company

Nov. 9, 2022
News Release

Kintetsu World Express, Inc. (KWE) hereby announces that, the Board of Directors at a meeting held today, November 9, 2022, approved to transfer all shares held by us in Gati-Kintetsu Express Private Limited (GKE) in India to one of our joint venture partner, Allcargo Logistics Limited (AGL) in India.

1.Reasons for the transfer of shares
Through the joint venture, we aimed to expand our services and customer base for core forwarding business. However, after careful consideration of future market trends and business environment, and after repeated discussions with the joint venture partners, we have now decided to sell all shares held.

2. Overview of the Joint Venture Company

(1) NameGati-Kintetsu Express Private Limited
(2) Address4th Floor, A Wing, Allcargo House, CST Road, Kalina, Santacruz (East), Mumbai –400098, India.
(3) Title and Name of RepresentativeManaging Director: Adarsh Hegde
(4) Business DescriptionLogistics business & domestic express delivery business in India
(5) Capital5,000,000 INR (approx. 9 million yen)
(6) Year of Incorporation2012
(7) Share Holding RatioGati Limited 70%
KWE 30%

3. Overview of the Joint Venture Partner (buying entity)

(1) NameAllcargo Logistics Limited
(2) Address6th Floor, Allcargo House, CST Road, Santacruz (E), Mumbai - 400098, India
(3) Title and Name of RepresentativeChairman & Managing Director: Shashi Kiran Shetty
(4) Business DescriptionIntegrated logistics business
(5) Capital491,400,000 INR (approx. 884 million yen)
(6) Year of Incorporation1993

4. Date of the transfer of shares (currently contemplated)
Between November 2022 and March 2023.

5. Future outlook
After the dissolution of the joint venture, we will continue to work together as business partners to achieve business growth.
As a top priority after the dissolution of the joint venture, we will continue to provide services with continuity to customers who have been doing business with us through the joint venture.

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