Wiseway Group Limited (ASX: WWG) is a leading company, which is involved in providing integrated logistics in Australia. It has a network of strategically located warehouses and facilities across the nation, with a large modern fleet of trucks and delivery vehicles.
The company today, on 18th April 2019, announced that the Department of Home Affairs under section 77G of the Customs Act had granted a Depot Licence to the Thomastown facility (Melbourne) of the company, enabling it to expand its strategically important imports business to Melbourne. Wiseway will have bonded warehouse capability in both Sydney (Bankstown) and Melbourne, acquiring this licence, with applications currently underway for Brisbane and Perth.
Bonded warehouse capability is a key part of the company’s stated growth strategy to boost its import business that includes imports customs clearance of both e-commerce and general imports, deconsolidation of air freight and sea freight and distribution within Australia.
The CEO and Co-Founder of the company, Roger Tong, said that the licence would act as an important catalyst in growing the strategically important imports business, adding to the integrated service offering and providing an additional competitive advantage.
Also, this news will positively impact the further growth of the business and relationships with the Chinese e-commerce platforms. Mr. Tong further noted that the RACA investment of the company had enabled them to receive this approval relatively quickly and without material extra capital, and it is the expectation of the company that the Brisbane and Perth will follow the same path soon.
The licence will allow the company to move goods away from the wharf or airport for bonded storage, BUP breakbulk, unpacking and deconsolidation before then releasing the goods for home consumption or moving to a customs warehouse for storage, once all legal requirements are met.
The group recently announced that it has sought and gained approval from the Australian Securities and Investments Commission to extend the time, within which, it must hold its Annual General Meeting for the financial year ending 30th June 2019 (2019 AGM) to 30th November 2019.
Moreover, recently the company has appointed Traci Cox as National Air Freight Manager with effect from 8th April 2019. Traci will lead the strategic expansion of the company in the New Zealand market. Traci is a strategic export and logistics executive with over 20 years of experience, including senior roles with Kuehne & Nagel, Toll Global Forwarding, Worldwide GSA and DHL. The company will meet the existing demand of its Chinese customers moving products from New Zealand to China.
On the price-performance front, the stock of Wiseway Group Limited is trading at $0.340, an increase of 1.493% during the day’s trade with a market capitalisation of ~$40.56 million (as on 18th April 2019). The stock has generated a negative YTD return of 19.28% and returns of -21.18% and -8.22% over the past three months and one-month period, respectively. Its 52-week high price stands at $0.495, and 52-week low price stands at $0.320, with an average trading volume of 60,489.
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