SMTrack spruces up it logistics business with the purchase of a Bombardier Challenger aircraft from Fairway Logistic (M) Sdn Bhd at the purchase price of US$1.8million or approximately RM7.5 million (RM4.2 to US$1)
The company is widely known for its digital solutions including Smarttags and RFID tagging, recently the group has been diversifying its portfolio to include aerial delivery and flying taxis! The company which the aircraft is being purchased, Fairway Logistic is a private limited company with principal activity including the provision of logistic service, transportation carriage and haulage, and shipping services.
The purchase price for the Acquisition was arrived at on a willing seller willing buyer basis after taking into consideration the market value of the Aircraft. SMTrack says the acquisition is in line with its venture into cargo carriage services.
The group adds the acquisition will not have any material effect on the Issued and Paid-up Share Capital of SMTrack Group for the financial year ending 31 December 2022. However, the estimated Net Assets before and after the Acquisition is as follows: Before Acquisition: RM43,228,000.00 After Acquisition: RM50,788,000.00
