PURSUING a global growth strategy is behind WiseTech Global’s latest share offering, chief executive and founder Richard White has indicated.
The freight forwarding giant has announced an underwritten $250m institutional placement to be followed by the opportunity for eligible shareholders to participate in a share purchase plan or offer.
The move necessitated a trading halt.
“Growth is our primary driver and, across the global logistics industry, the opportunity now available to WiseTech is vast,” Mr White said in a statement to the market.
“Through the offer announced [Tuesday], we add further strength to our balance sheet and increase the capacity at which we can accelerate our long-term organic growth, through relentless innovation and the acquisition of strategically valuable assets in important new geographies and key adjacencies.”
Mr White said they would continue to execute on smaller, but important, European economies and key remaining markets in Asia.
“As we expand geographically, we have also been widening our reach into and across the supply chain,” he said.
“We are building out rapidly from our stronghold of international logistics and complex cross-border compliance, to leverage our innovation pipeline and put in place the key technologies and assets to start building unassailable ecosystems.”
According to a statement on the WiseTech website, the placement to raise $250m is underwritten by Goldman Sachs Australia and Morgan Stanley Australia.
A final placement price is expected on Wednesday (20 March) before the resumption of trading in WiseTech Global.