ACN acquires 51 pct stake in Pos ACE
KUALA LUMPUR: Asia Cargo Network Sdn Bhd (ACN) is acquiring 51 per cent majority stake worth RM40 million in Pos Asia Cargo Express Sdn Bhd (Pos ACE).
ACN said it has executed a share sale agreement with Pos Malaysia Bhd’s wholly-owned unit, Pos Aviation Sdn Bhd on Aug 19 for the acquisition.
ACN managing director Marco Isaak said this acquisition exercise marks a historical moment for both ACN and Pos Malaysia.
“With this acquisition, ACN will share its skill and experience to bolster and improve efficiency to Pos Malaysia’s mail and cargo air delivery services to East Malaysia and further expand its capability into the international sectors.
“The planned extended flight sectors will include China, Hong Kong, Singapore, and Indonesia,” ACN said in a statement.
With a record of 20 years in the industry, ACN has extended services to major courier companies like UPS, DHL, Caterpillar Group, and JNE.
Meanwhile, Pos Malaysia group chief executive officer Syed Md Najib Syed Md Noor said the partnership with ACN allows Pos Malaysia to further enhance its delivery and service standards to its customers, which is vital for the company to become a key player in the global e-commerce industry.
“Through the partnership, we aim to leverage ACN’s experience and expertise to provide more value to our customers by offering enhanced air cargo connectivity, efficiency and speed.
“The regional network of ACN will provide synergistic opportunities for Pos Malaysia, as the Kuala Lumpur International Airport is being developed as a regional e-fulfilment cargo hub. This will also allow Pos Malaysia to focus on meeting customer expectations in our core business consisting postal, courier and retail services,” he said.
ACN also plans to increase Pos ACE’s fleet by acquiring more Boeing 737 Aircraft, including the New Generation B737-800 freighter. In conjunction with the acquisition, Pos ACE has undergone a change in brand under a new name ‘World Cargo Airlines Sdn Bhd’.
“The new name signals the aspirations of both ACN and POS Malaysia to embark into the air cargo industry globally,” adds Marco. — Bernama