SEATech Ventures Corp. has acquired Just Supply Chain Limited, a digital logistics platform, to enhance its market position in Southeast Asia.

Information on the Target

SEATech Ventures Corp. (OTC PINK: SEAV) has announced its acquisition of Just Supply Chain Limited, commonly referred to as JustLorry. JustLorry is a prominent digital logistics and supply chain management platform in Malaysia, specializing in aggregating on-demand commercial trucks. This acquisition grants SEAV a 100% ownership stake in JustLorry, facilitated through the issuance of 21,831,660 restricted common shares at a price of US$0.80 per share to JustLorry's shareholders. The completion of this acquisition is contingent upon the final audits of JustLorry's financial statements.

In terms of financial performance, JustLorry reported revenues of MYR76,157,620 (approximately US$16.7 million) in FY2021, rising to MYR199,840,387 (approximately US$43.9 million) in FY2022. Profits for the same periods stood at MYR12,793,605 (approximately US$2.8 million) and MYR15,836,711 (approximately US$3.4 million), respectively, all figures having been approved and audited by Crowe.

Industry Overview in Malaysia

The logistics and supply chain sector in Malaysia has experienced significant growth in recent years, driven by the surge in e-commerce and increased demand for efficient delivery systems. As the c