GD Express Carrier offers 10% stake to Japan's Yamato Group

PETALING JAYA: GD Express Carrier Bhd (GDEX) has offered its 10% stake to Japan's Yamato Group through its proposed private placement exercise, a move that will see the both parties forming a business collaboration and capital alliance.
In a filing with the stock exchange yesterday, GDEX said Yamato has the intention to acquire additional shares in GDEX for up to a total shareholding of 23% in the future from the existing shareholders.
Japan-listed Yamato Group has a market capitalisation of about US$9 billion (RM39.44 billion). It operates six main business segments, namely delivery, biz-logistics, home convenience, e-business, financial, autoworks and others.
GDEX believes that the business collaboration will enable both parties to capitalise on each other's strengths, and together expand to become the leading delivery company in Malaysia.
"With prospective benefits from both TPP (Trans Pacific Partnership) and AEC (Asean Economic Community), it is highly expected that a demand for Asean's intra-regional trade will be exponentially increased," it added.
Meanwhile, GDEX also announced that the issue price of its placement shares has been fixed at RM1.74 per share, representing a premium of about 0.09% to its five-day volume weighted average market price up to January 20, 2016 of RM1.7385 per share.