Velogic starts trading on the Development & Enterprise Market (DEM)
It is official as of this Wednesday, December 15, 2021. Velogic, which achieved a turnover of Rs. 3.7 billion for the financial year ending in June 2021, is the new entrant in the secondary market of the Stock Exchange of Mauritius (SEM). This IPO is a natural step in its growth and development and will also pave the way for the exit of Amethis, an investment fund manager dedicated to Africa, from the shareholding of Velogic.
By virtue of its network of agents globally and the expertise of its teams, Velogic connects international and Mauritian partners to facilitate trade. The Rogers Group subsidiary, which combines over 50 years of experience and in-depth expertise in the logistics business, recorded profits of more than Rs 151 million for the financial year ending in June 2021. To date, Velogic has 35 offices in several countries and employs 1,400 people, namely in France, India, Madagascar, Singapore, Kenya and Mauritius. Velogic offers its customers an integrated and comprehensive logistic solution with a wide range of services including freight forwarding, customs brokerage, haulage, warehousing, express courier services, container-related services, maritime transport services, ship agency, packaging of special sugars and project cargo handling.
"The logistics industry is the lifeblood of trade. The health crisis has undeniably confirmed the critical role of this sector, which has been relatively less impacted by the pandemic. Velogic's listing on the Mauritius Stock Exchange will help attract the interest of local and international investors with the aim of diversifying the company's shareholder base and to finance the Company’s growth strategy. With our strong presence in the Indian Ocean, we are well positioned to use Mauritius as a logistics hub for the region. Our ambition is to consolidate our activities in our existing markets while focusing on our growth across emerging markets, namely East Africa, Madagascar and India ", says Vishal Nunkoo, Chief Executive Officer of Velogic.
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