As part of its strategy to expand its logistics footprint in Asean, Singapore Post (SingPost) has jacked up its stake in Malaysia's GD Express Carrier from 4.98 per cent to 27.08 per cent, reported Business Times Singapore.

    SingPost said it had acquired 56,838,000 shares in GDEX through block trades, paying a total of US$14.8 million.

    GDEX, which is listed on Bursa Malaysia's ACE Market, is an express carrier service provider offering delivery and customised logistics services in East and West Malaysia.

    Ng Hin Lee, SingPost's chief executive officer for postal and corporate services, who also oversees the company's strategic acquisition portfolio, said: “As part of our diversification and regionalisation strategy, we have been actively looking at M&As and investment opportunities. This investment in GDEX enhances our network and provides us with a platform to tap the growing logistics market in the region."

    On whether SingPost intends to make a takeover offer for GDEX, the company said it has no such plans for now. Tay Poh Choo, vice-president of corporate communications and service excellence, said: “This investment is part of our growth strategy to extend our geographical footprint and expand our non-postal business."

(Source:http://www.cargonewsasia.com)