Cen­tury Lo­gis­tics com­pletes stake sale

> CJ Korea Ex­press pays RM174.79 mil­lion for 31.44% of Malaysian lo­gis­tics com­pany

The Sun (Malaysia) - - MEDIA & MARKETING -

PE­TAL­ING JAYA: The sale of a 31.44% stake in Cen­tury Lo­gis­tics Hold­ings Bhd to CJ Korea Ex­press Asia Pte Ltd a was com­pleted for RM174.79 mil­lion yes­ter­day.

The trans­ac­tion of 120.54 mil­lion shares was done at RM1.45 a share.

On Sept 8, Cen­tury Lo­gis­tics’ ven­dors Datuk Phua Sin Mo, Datin Lee Lay Hun, Pamela Phua Jo Lyn and Chai Mee Young en­tered into a con­di­tional sale and pur­chase agree­ment with CJ Korea Ex­press Asia for the ex­er­cise.

CJ Korea Ex­press Asia is a mem­ber com­pany of CJ Korea Ex­press Corp (CJKX), the largest lo­gis­tics provider in Korea with a di­ver­si­fied busi­ness port­fo­lio of­fer­ing in­te­grated lo­gis­tics so­lu­tions to both lo­cal and global cus­tomers.

CJKX, which is listed on the Korea Ex­change, has a mar­ket cap­i­tal­i­sa­tion of 4.5 tril­lion won (RM17.2 bil­lion) and global rev­enues of 5.1 tril­lion won for the fi­nan­cial year ended Dec 31, 2015.

CIMB In­vest­ment Bank Bhd was the fi­nan­cial ad­viser to CJKX for this trans­ac­tion.

Be­ing the largest par­cel de­liv­ery com­pany in Korea, CJKX is ex­pected to in­tro­duce its ad­vanced TES (Tech­nol­ogy, En­gi­neer­ing, Sys­tem & So­lu­tion) and know-how to Cen­tury Lo­gis­tics, thereby ex­pand­ing Cen­tury Lo­gis­tics’ of­fer­ing into the e-com­merce and par­cel de­liv­ery sec­tors.

The in­te­gra­tion of CJKX’s Asean net­work with that of Cen­tury Lo­gis­tics in Malaysia will com­plete the first step in CJKX’s as­pi­ra­tion to be the re­gional lo­gis­tics leader.

CJKX in­tends to lever­age on the fa­cil­i­ties and in­fra­struc­ture of Cen­tury Lo­gis­tics in its core re­gions, i.e. Klang Val­ley and Jo­hor, as well as the freight for­ward­ing ac­tiv­i­ties in the main ports, thereby mu­tu­ally im­prov­ing the com­pet­i­tive­ness of both CJKX and Cen­tury Lo­gis­tics.

CJKX and Cen­tury Lo­gis­tics will in­te­grate their lo­gis­tics and ad­min­is­tra­tive ac­tiv­i­ties, re­sult­ing in a larger net­work and more cost­ef­fi­cient op­er­a­tions. It is also ex­pected that CJKX and Cen­tury Lo­gis­tics will ben­e­fit through shar­ing of key lo­gis­tics hubs and net­works, cross-sell­ing and new busi­ness op­por­tu­ni­ties.

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