Commission Decision No. 12-M-008/2020:
Proposed Joint Venture between Asia Seal Pte. Limited and FastCargo Logistics Corporation
The transaction involves the proposed joint venture of Asia Seal Pte. Limited (Asia Seal) and FastCargo Logistics Corporation (FastCargo), where the proposed transaction will result in Asia Seal’s ownership of up to 40% of the share capital in FastCargo, and post-restructuring, FastCargo will hold 100% of the share capital in each of Fast Distribution Corporation, Fast Services Corp., Fast Unimerchants Inc. and Fast Toll Manufacturing Corp.
Asia Seal is majority owned by CVC Capital Partners Asia Pacific IV L.P., which is an investment fund holding interests in a number of companies in various industries.
On the other hand, Fastcargo Logistics Corporation is engaged in the business of loading and forwarding cargoes and the business of providing warehousing services. Fast Services Corp. provides warehousing services. Fast Distribution Corporation is engaged in providing physical distribution and logistics management services. Fast Unimerchants Inc. is engaged in providing distribution and logistics management services using land-based motor vehicles. Fast Toll Manufacturing Corp. is engaged in toll manufacturing, toll and multi packing services.