VivoPower International PLC (VVPR) saw a push of 3.22% in premarket following the announcement that the company will acquire 100% Ownership of GB Auto. However, the last trading session concluded at $3.73 with a decline of 0.27%.
Acquisition of 100% Ownership of GB Auto – What’s up?
On 7th December 2021, VVPR announced that the company is going to acquire the ownership of GB Auto. GB Auto is a well-known leader in the supply of services, goods, and technology. Moreover, it has six branches in New South Wales, Australia, with 130 staff and a fleet of 70 cars. This includes a purpose-built electrical vehicles facility that debuted previously this year. Lastly, GB Auto’s technicians work on electric cars, auto electrical, conditioning systems, and heavy and light machinery.
UAE Expansion by VVPR – New updates
On 21st October 2021, VVPR reported that it has expanded a subsidiary in the United Arab Emirates (UAE) as the company extends its capacities to serve the Middle East and adjacent markets. Moreover, the Company’s new subsidiary is based in the Dubai Multi Commodities Centre, the world’s finest free trade zone. The Financial Times Magazine has awarded the DMCC the Global Free Trade Zone of the Year title. It is also the Dubai government’s authority on commodities trading and business.
What’s next?
VVPR is happy to have established a foothold in the Middle East. It is the world’s largest market for Toyota Land Cruisers. The company may enhance its ability to serve this strategically important market more efficiently by expanding its physical footprint. In addition, the UAE government recently unveiled its groundbreaking Net Zero 2050 Strategic Initiative. The company would invest Dh600 billion (US$200 billion) over the next 30 years in clean and renewable energy solutions.
Apart from serving the Middle East, Dubai will also act as a vital logistical base for the African and Indian subcontinent markets. VVPR is grateful to the partners and other colleagues in Dubai who have assisted them in setting up the operations in a business-friendly way while adhering to important health and safety requirements. Last but not least, the company is excited to provide sustainable energy solutions to this significant region and to contribute to the Net Zero 2050 Strategic Initiative.
