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Hong Kong's Redcap Logistics has been sold to Canada-based logistics provider Grand Power Logistics Group, which has announced that its unit, Grand Power Express, has acquired 60 per cent of Redcap through Metroplus Asia Limited.
Metroplus, according to the UK's Transport Intelligence, was established as a holding company and a means of facilitating further growth and business development for GP Express.
Redcap is a Hong Kong-based company that will allow GP Express wider access in Hong Kong to US and other overseas markets.
GP Express will invest up to US$130,000 as working capital to fund the expansion of this enterprise into new markets. The minority partner will manage the sales and operations of Redcap.
"We continue to evaluate and implement cost-effective strategies to expand our market share in Hong Kong and other key cargo hubs, particularly in the co-loading or air cargo consolidation markets. This strategy is one which we feel will be most effective to grow our business and strengthen our bottom line," said Ricky Chiu, CEO of Grand Power Logistics Group.
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