Tasco Logistics surges to Nov 2015 high on expansion plan

  • Business
  • Monday, 20 Feb 2017

Tasco executive chairman Lee Check Poh, who spoke to reporters after the EGM, projects the company to generate some RM110mil in revenue contribution from the cold chain segment in the current financial year.

KUALA LUMPUR: Tasco Logistics Bhd's share price rose to RM1.83 on Monday, the highest since November 2015, as the company plans to ramp up its expansion in the cold chain logistics segment.

At 11.30am, Tasco was up 12 sen to RM1.82 with 441,400 shares done.

The KLCI was up 3.08 points or 0.18% to 1,710.760. Turnover was 1.11 billion shares valued at RM607.34mil. There were 368 gainers, 333 losers and 367 counters unchanged.

StarBizWeek reported Tasco plans to roll out “Project Snow” to take the group to its next growth trajectory via expansion into the cold chain logistics segment. 

Last month, Tasco announced two major acquisitions totalling about RM300mil, paving its way to the niche cold chain logistics. 

Managing director (MD) Freddie Lim Jew Kiat said Tasco's target was to hit a revenue of RM1bil in the mid-term. A high target it would appear, considering that it is doing a revenue of RM515mil currently. 

It has RM90mil in cash and balances, with total borrowings of RM46mil as at financial year ended March 31, 2016 (FY16). 

Yusen, which controls 65% of Tasco shares, is part of the NYK group – one of Japan’s largest shipping and logistics company. 

Currently, Tasco provides freight forwarding services for air, sea and land as well as contract logistics like warehousing services. 


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