PETALING JAYA: Courier company GD EXPRESS CARRIER BHD (GDex) is acquiring retail postal and business services firm MBE Malaysia for RM5.5mil.
GDex said its wholly owned subsidiary GD Express Sdn Bhd had entered into a conditional share sale agreement with MBE Business Corp Sdn Bhd and MBE Business Holding Sdn Bhd to acquire a 100% stake in the business.
“GDex believes that the proposed acquisition is a very strategic move for the group to venture into the retail delivery service sector,” the company said in a filing with Bursa Malaysia.
“With the vast network and strong brand name MBE Malaysia has established, coupled with the strong support from MBE Malaysia’s business partners currently, GDex will be able to work closely with them and provide better courier services for the community,” it added.
MBE Malaysia has about 92 outlets operating in Malaysia. GDex said it has been MBE Malaysia’s courier partner since September 2015.
“MBE Malaysia’s 92 outlets would strengthen GDex’s current network of 79 branches nationwide.
“MBE Malaysia’s outlets are mainly operating in business districts and shopping malls, which provide great accessibility to business, retail and e-commerce customers,” said GDex.
As part of the agreement, GDex will appoint MBE Malaysia’s Brian Chow as the adviser to MBE Malaysia for two years upon completion of the acquisition.
GDex said the appointment of Chow was because of his vast knowledge and experience in managing MBE Malaysia’s business, as well as to ensure a smooth transition.
GDex managing director and group chief executive officer Teong Teck Lean said the deal was a leap forward for the GDex group to venture into the retail delivery network.
We're sorry, this article is unavailable at the moment. If you wish to read this article, kindly contact our Customer Service team at 1-300-88-7827. Thank you for your patience - we're bringing you a new and improved experience soon!
What do you think of this article?