Triple I Logistics Public Company Limited (III) has approved to sign Memorandum of Understanding (MOU) amongst the company, Teleport Everywhere Pte., Ltd., Thai AirAsia Co., Ltd and Thai AirAsia X Co., Ltd. in regard to the scope of cooperation to form a joint venture company between III and Teleport Everywhere Pte., Ltd. to conduct General Cargo Sales Agent (GSA) and any Other logistic solutions and services related to or interconnected with AirAsia Group’s flights, and the authorisation for the Chief Executive Office to proceed on any related matters and to execute this MOU. III expects to incorporate this joint venture company within the 1st January 2020 and will have the opportunity to continue its collaboration with the AirAsia Group in the Future.
Moreover, III‘s board of directors approved to acquire common shares of Excel Air (Cambodia) Co., Ltd. (EAC) with an investment amount of THB 1 million, representing 32% of the total registered and paid-up capital of EAC in order to operate cargo sales agent business in Cambodia.
III expects to expand cargo sales agent business in Cambodia in order to sell freight for Emirate airline Thai, Airasia All Nippon Airways and China in Cambodia. The investment is, therefore, in line with its business expansion strategy and III views this investment as a growth opportunity. Additionally. III also will recognize profits from investment in the form of dividends and profits from the associated company which will generate profitability and long-term cash flow to the group of companies.
According to the investment III shares pay for the common shares of EAC in the investment amount of not exceeding THB 1 million by using its operating cash flow.