Universal Network Systems Limited (BlueEx) has planned to expand its footprint by acquiring stakes in a major e-commerce logistics, and fulfillment company in Pakistan.
According to the stock filing, the company has entered into a nonbinding agreement for the acquisition of the majority stake in an e-commerce logistics & fulfillment company.
The company has commenced due diligence and will communicate the target company’s name subject to a binding agreement post successful due diligence of the target company, the filing added.
Universal Network Systems Limited or BluEx is a company involved in core logistics, e-commerce logistics, warehousing, and relevant e-commerce & logistics operations. It made its listing on the Pakistan Stock Exchange (PSX) last year in December to become the second company on its Growth Enterprise Market (GEM) board to raise capital to enhance its in-house technology and expand its infrastructure.
UNS had set out to raise Rs. 445,705,000 through the PSX GEM board Listing. The issue consisted of 6,857,000 ordinary shares comprising 25 percent of the post-issue paid-up capital of the company. The entire issue was offered at a fixed price of Rs. 65 per share.
The issue was oversubscribed by 1.68x as total applications for 11,548,000 ordinary shares against the issue size of 6,857,000 ordinary shares were received.
The company started operations with a single courier in 2011 claiming to be Pakistan’s first smart logistics company. It has more than 3000 corporate customers and a network of more than 400 cities and towns in Pakistan.
