Ireka inks MoU with CRRC Group unit, STO Express

Ireka

KUALA LUMPUR: Ireka Corporation Bhd, China based CRRC Group's unit and  STO Express Co Ltd are teaming up to look into expanding the logistics business area in Malaysia and Southeast Asia.

Ireka, which is involved in infrastructure and real estate, said on Wednesday the move would enable them to look into investment and development of logistics warehouses, distribution centres and other ancillary real estate facilities.

Ikrea, CRRC Urban Traffic Co Ltd (CRRC UT) and STO Express had signed an MoU on Wednesday to set up their working relationship will leverage on each other's technical knowledge, expertise and experience for expansion and growth.

CRRC UT is a member of the China based CRRC Group and is the world’s largest manufacturer of rolling stock, rail and transportation related products and systems. 

Recall that on Dec 4,  2017, CRRC UT emerged as a substantial shareholder in Ireka with an 8.48% equity interest in the company. 

Ireka’s group managing director, Datuk Lai Voon Hon said: “Ireka has a good track record of delivering what we have agreed to do and also in diversifying our operations. 

“Over the last 50 years, we have successfully diversified and expanded from being in construction, to property development to real estate and to information technology. 

“We are excited about diversifying into urban traffic solutions and rail infrastructure related projects; as well as into the world of logistics,” he said.