Logistics group OneLogix will reverse list into cash shell Venmil, pending due diligence and JSE requisitions being met. The group will offer supply chain solutions in a joint venture with IQ Business.
Venmil announced its intention to acquire JLA Services in December last year and change its name to OneLogix.
JLA Services was the operating company of Postnet, online service provider Bizznet and courier and freighting provider Expressnet, and SBG Supply Chain Management.
Venmil will pay an initial amount of R7.2 million in cash and shares, and a further R71.3 million in cash and shares dependant on performance of OneLogix according to an agreed-upon formula.
The OneLogix group is expecting to leverage off what it estimates to be a R40 billion a year logistics market.
OneLogix has entered into joint ventures with IQ Business to provide logistics process solutions and with Francotyp Postalia SA, for mailroom management and technology. The new companies will be known as IQLogix and FPLogix respectively.
OneLogix will operate within four pillars: ThinkLogix offering IT solutions, GoLogix for physical procurement, DotLogix for e-commerce fulfilment and DirectLogix for retail and home delivery.
Commenting on the new group`s offering, OneLogix CEO Tony Wiese says: "The OneLogix group will give existing and potential investors what is arguably the most valuable stake in local supply chain logistics available through a single cohesive entity."
OneLogix is forecasting headline earnings per share of 7.0c for the year to 31 May 2001.
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