[Courtesy of CJ Group]
South Korea's largest total cargo delivery company, CJ Korea Express Corp., said Thursday it has acquired a controlling stake in Malaysia's second largest logistics company in an effort to expand its distribution network in Southeast Asia.
The Singapore-based Asian Branch of CJ Korea Express purchased a 31.4 percent stake in Century Logistics Holdings Bhd for 47.1 billion won (43.1 million US dollars) to become the Malaysian firm's largest shareholder. Century Logistics has 600 trucks and eight logistics centers, posting 86 billion won in sales last year.
CJ Korea Express, a unit of South Korea's food and beverage giant CJ Group, said that Century Logistics known for cross-border logistics service and the distribution of halal food would become Malaysia's largest logistics company after the takeover.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
