Providing an update regarding its operations in Malaysia, COSCO Shipping International (Singapore) informed it is taking steps to expand its business in Malaysia by obtaining a lease of a piece of land in Port Klang and constructing a warehouse of approximately 300,000 square feet on the land for the Group’s operations.
The Company is also currently in negotiation with a party in Malaysia with the view of a potential cooperation with that party, which may involve the proposed acquisition of certain logistics businesses, or the collaboration of a logistics partnership business in Malaysia.
The Board is of the view that the above plans, if materialised, will provide synergies to allow the Group to form an integrated platform for the Company’s logistics business in Malaysia, thus enabling the Group to better provide end-to-end services to its customers with logistics needs, thereby increasing the Group’s competitive edge in relation to its competitors and enhancing the Group’s services to its customers,
…COSCO Shipping said.
The Group will also collaborate with other COSCO Shipping companies in Malaysia to achieve further synergies for its Malaysian businesses.
However, the Company noted it has not entered into any definitive agreement for any of the foregoing plans yet.
Shareholders and investors are advised to refrain from taking any action, which may be prejudicial to their interests, and to exercise caution when dealing in the securities of the Company. There is no certainty or assurance as at the date of this announcement that any definitive agreements will be entered into or that any of the above plans will be proceeded with. Shareholders and investors should consult their stockbrokers, bank managers, solicitors or other professional advisers if they have any doubt about the actions they should take,
…the company advised.
