Fintech eyes 20pc stake in logistics firm

Universal Network Systems Ltd (UNSL) — a logistics firm operating under the brand name of BlueEX — said on Monday an unnamed fintech has offered to buy a 20 per cent stake in the company. The transaction size would be around Rs300 million if the deal took place at the prevailing share price of Rs55 apiece. The company is currently valued at a little over Rs1.5 billion. Speaking to Dawn, UNSL Chief Financial Officer Salman Hameed said the unnamed fintech is looking to work with an “already established company” in the logistics segment. The potential buyer will now commence the company’s due diligence, which is the formal name for the appraisal of assets and liabilities that’s conducted before the actual transaction. UNSL is one of the three firms that are currently listed on the Pakistan Stock Exchange’s Growth Enterprise Market or GEM counter — a side board on the exchange reserved for smaller and riskier businesses.