 "Afcom Holdings shares hit 5% upper circuit on long-term pact with Etihad")
Afcom Holdings share price: Cargo solutions provider Afcom Holdings shares were in demand on Monday, January 13, 2025, as the share price zoomed as much as 5 per cent to hit the upper circuit at Rs 1,074.85 apiece.
However, at 12:00 noon, Afcom Holdings share price were off day’s high and were trading merely 0.81 per cent higher at Rs 1,032. In comparison, BSE Sensex was trading 0.74 per cent lower at 76,802.74 levels.
The uptick in Afcom Holdings share price came after the company announced that it has entered into a long-term contract with the national airline of UAE, Etihad, to operate regular scheduled flights between Chennai-Male sector to move their cargo.
In an exchange filing, Afcom Holdings said, “We are happy to inform you that we have entered into a long-term contract with the globally acclaimed airline Etihad to operate regular scheduled flights between Chennai-Male sector to move their cargo.”
Afcom Holdings IPO listing
Afcom Holdings Initial Public Offering (IPO) made a stellar debut on the BSE SME platform on August 9, 2024. The shares listed at Rs 205.20, a premium of 90 per cent against the issue price of Rs 108.
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About Afcom Holdings
Incorporated in February 2013, Afcom Holdings Limited specialises in transporting cargo on an airport-to-airport basis. The company has established a strong network of General Sales and Service Agents (GSSAs) across key markets, including India, Hong Kong, Singapore, Thailand, Japan, South Korea, China, and Taiwan. With a strategic focus on ASEAN countries such as Singapore, Indonesia, and Brunei, Afcom Holdings has positioned itself as a prominent player in regional air cargo logistics.
The company has formed notable partnerships to enhance its operations. On September 24, 2021, Afcom signed an agreement with the Air Logistics Group, a division of World Freight Company, to act as its GSSA in far-eastern countries. Additionally, on October 13, 2022, the company partnered with Taylor Logistics Private Limited, part of the TTK Group, to serve as its GSSA in India. As of February 29, 2024, Afcom Holdings employs 47 staff, including a skilled crew comprising 10 captains, 6 first officers, 3 transition captains, and 2 trainee first officers.
At the time of publishing the report, Afcom Holdings’ market capitalisation stood at Rs 2,585.20 crore, according to BSE. The company falls under the BSE SME IPO category.
The 52-week high of Afcom Holdings share is Rs 1,145.80, while its 52-week low is Rs 205.20 apiece.