Parcel delivery firm Yamato eyes Asean market with GDex stake

Kuala Lumpur

LINE-HAUL collaboration between Malaysia and Singapore, and joint collaboration opportunities in Asean are but some of the areas that Japan's largest parcel delivery company Yamato Group plans to exploit following its acquisition last week of nearly a fourth of Malaysia's GD Express Carrier Bhd (GDex).

On Jan 21, Yamato's wholly owned subsidiary Yamato Asia Pte Ltd acquired a tenth of GDex via a private placement for RM217.3 million (S$72.7 million) or RM1.74 a share. It subsequently raised its stake to 22.8 per cent by buying more shares from major shareholders Teong Teck Lean and Singapore Post, reducing their stakes in GDex to 35.4 and 11.2 per cent, respectively.