eCargo Holdings Limited announced that it has entered into a binding Heads of Agreement ("HoA") with Metcash Trading Limited ("Metcash"), a wholly-owned subsidiary of Metcash Limited to acquire 85% of Metcash Export Services Pty Limited which includes its China-based subsidiary Metcash Asia Limited, a wholly owned foreign enterprise in China. As part of the acquisition, and following the resignation of Ms. Eva Zhang from the role of CEO, Mr. Will Zhao, Metcash's current head of China operations based in Shanghai will assume the role of Interim CEO. Mr. Zhao will not be appointed as a director of ECG and accordingly there will not be any changes to the composition of the ECG Board.

Prior to joining Metcash in 2016, Will spent seven years with Goodman Group in Australia, New Zealand, Hong Kong and China. Mr. Zhao will be supported by Ms. Haiyun Chen, Metcash's head of China export development and to be appointed as ECG's Director of International Supply Chain, who will be based in Sydney. Ms. Chen has over thirteen years of sourcing experience at both Woolworths Limited and Metcash.