Freightways Group Limited has listed on the Australian Stock Exchange Limited (ASX).
With this move the New Zealand-based express logistics company signals the growing importance of its Australian business.
Allied Express, which this week announced a new automated freight sortation system, is part of the Freightways Group portfolio.
“We are delighted to join the ASX and to be able to offer Australian investors the opportunity to invest in our business,” said Mark Troughear, CEO of Freightways.
“The dual listing in Australia makes sense to reflect the new reality of our business, and allows us to work with Australian fund managers that have a mandate to only invest in ASX-listed companies, thus broadening our investor base in line with our business activity.”
A majority of the business operations in New Zealand and Australia focus on pick up, process and delivery.
These three core divisions presently encompass express logistics, waste renewal, and information management.
“We are proud to be the only Australasian express logistics business listed on the ASX,” said Troughear.
“Our new automated freight sortation system is a major step forward in the industry and will help us to continue to grow our business in Australia.”
In New Zealand Freightways Information Services represents technology, Parceline the linehaul national network and Fieldair Holdings its national air network.
“Supporting all key business activities is our portfolio of internal service providers that keep our operation independent, efficient, and customer focused,” said Troughear.
In FY23, Freightways revenue was split 70 per cent New Zealand and 30 per cent Australia.