Singapore-listed Cosco Shipping International said it has spent MYR88m ($21m) to acquire 80% shares each in Guper Integrated Logistics, Gem Logistics, Dolphin Shipping Agency, and East West Freight Services, via its wholly-owned subsidiary SH Cogent Logistics.
The acquisitions have allowed Cosco Shipping International to boost its assets with warehouse of 810,000 sq feet, container depot of 780,000 sq feet, open yard of 430,000 sq feet, and 100 prime movers and 400 trailers.
“With the increased capabilities, the company is able to strengthen and develop its operations in Malaysia and create a consolidated platform to provide customers with a one-stop integrated service, which is expanded to included container haulage, freight forwarding, container depot and warehousing,” Cosco Shipping International stated.
It added that the company is making progress on the proposed lease of land at Port Klang to construct a warehouse of approximately 300,000 sq feet.
“Moving forward as an integrated platform, the group expects to benefit from potential synergies and economies of scale, by engaging in cross-selling of services and business optimisation with its related companies,” the company said.
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